Rupee 27 paise higher at 73.51 against USD, gold rises by Rs 474

Mumbai, May 07 (PTI): The rupee gained for the second straight day and closed 27 paise higher at 73.51 (provisional) against the US dollar on Friday, supported by positive domestic equities and weak American currency.
At the interbank forex market, the rupee opened at 73.62 and hit an intra-day high of 73.50 and a low of 73.76.
The local unit finally settled at 73.51, registering a gain of 27 paise over its previous close.
On Thursday, the rupee had settled at 73.78 against the American currency.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.19 per cent to 90.78. According to Kaynat Chainwala – Fundamental Research Analyst Currencies, Anand Rathi Shares and Stock Brokers, the Indian rupee appreciated on Friday owing to a weaker dollar ahead of key US jobs report and positive domestic equities.
“Rupee is likely to depreciate towards 74.25 74.5 as investors cautiously await release of domestic inflation, industrial production and trade balance figures due next week and second purchase for Rs 35,000 crore under the G-SAP scheduled on May 20,” Chainwala said.
Gold rose by Rs 474 to Rs 47,185 per 10 gram in the national capital on Friday amid strong buying in global precious metals, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 46,711 per 10 gram.
Silver also jumped Rs 1,050 to Rs 70,791 per kilogram from Rs 69,741 per kilogram in the previous trade.
“Spot gold prices for 24 carat in Delhi rose by Rs 474 with strong buying in global gold prices,” according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.
In the international market, gold was trading with gains at USD 1,820 per ounce and silver was flat at USD 27.33 per ounce.
According to Navneet Damani, VP Commodities Research, Motilal Oswal Financial Services, “Gold prices edged higher surpassing its psychological resistance of USD 1,800, aided by a pullback in the dollar and Treasury yields as investors cautiously await US non-farm payrolls data for further cues on the health of the world’s biggest economy.”

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