Rupee rise 65 paise at 72.72 against USD, gold falls Rs 208

Mumbai, Mar 03 (PTI): The rupee strengthened by 65 paise to end at 72.72 (provisional) against the US dollar on Wednesday on the back of weakness in the American dollar and rise in risk appetite in the global markets.
At the interbank forex market, the local unit opened at 73.26 against the greenback and witnessed an intra-day high of 72.71 and a low of 73.26.
It finally settled at 72.72 against the American currency, registering a rise of 65 paise over its previous closing. On Tuesday, the rupee had settled at 73.37 against the American currency. “Market sentiments improved on hopes that massive stimulus packages from governments, easy monetary policies from central banks and progress in vaccination programmes would boost economic growth,” said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas. The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.12 per cent to 90.67. Gold prices on Wednesday fell by Rs 208 to Rs 44,768 per 10 gm in the national capital, in line with bleak trend in the international market, according to HDFC Securities.
The precious metal had closed at Rs 44,976 per 10 grams in the previous trading session.
Silver, on the other hand, rose by Rs 602 to Rs 68,194 per kg as compared with the previous close of Rs 67,592 per kg.
HDFC Securities Senior Analyst (Commodities) Tapan Patel, “Spot prices for 24 karat gold in Delhi fell by Rs 208 in line with decline in global gold prices and rupee appreciation.”
The rupee was trading around 45 paise stronger against the dollar during the day, he added.
In the international market, gold was trading lower at USD 1,730 an ounce and silver was also marginally down at USD 26.68 an ounce.

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