Rupee falls 2 paise down at 73.31 per USD, gold jumps Rs 303

Mumbai, Jun 15 (PTI): Falling for the sixth day in a row, the rupee closed lower by 2 paise at 73.31 (provisional) against the US currency on Tuesday amid rising crude oil prices and dollar demand from oil importers.
At the interbank foreign exchange market, the rupee opened higher at 73.20 per dollar as against its previous close of 73.29. It hovered in the range of 73.16 to 73.33 per dollar during the day.
The domestic currency has lost 51 paise in the six trading sessions to Tuesday.
“Rupee depreciated for the sixth day in row, earlier such moves have been seen in April where it depreciated Rs 2.07 per dollar while this time the momentum is relatively slower,” said Dilip Parmar, Research Analyst, HDFC Securities. Parmar further noted that “dollar demand from oil importers, absence of central bank’s interventions and a surge in the dollar index ahead of FOMC meeting dragged the rupee lower in the last couple of days.”
The rupee is likely to trade with depreciating bias following stronger dollar and crude oil, he noted.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.01 per cent to 90.53 ahead of a much-anticipated Federal Reserve meeting that could signal a change in the outlook for US monetary policy.
On the domestic equity market front, the BSE Sensex ended 221.52 points, or 0.42 per cent higher at 52,773.05, while the broader NSE Nifty advanced 57.40 points or 0.36 per cent to close at 15,869.25.
Brent crude futures, the global oil benchmark, rose 0.43 per cent to USD 73.17 per barrel.
Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 503.51 crore, as per exchange data.
Gold in the national capital on Tuesday rose Rs 303 to Rs 47,853 per 10 grams reflecting overnight recovery in the global precious metal prices, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 47,550 per 10 gram.
Silver also gained Rs 134 to Rs 70,261 per kg, from Rs 70,127 per kg in the previous trade.
In the international market, both gold and silver were trading flat at USD 1,864.50 per ounce and USD 27.65 per ounce, respectively.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said gold prices fluctuated as the market is awaiting the outcome of the US Federal Reserve meeting.