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Mumbai: After the Reserve Bank announced the withdrawal of Rs 2,000 notes late last week, gold and silver prices in the domestic Mumbai market saw significant correction compared to Friday’s official close as global currencies including the dollar strengthened against the Indian rupee. Currencies strengthened. Silver again touched the level of Rs 72000. The weakening of the rupee against the dollar was expected to increase import costs. The rupee was at a 13-week low against the dollar.
Rupee weakened against global currencies. The dollar advanced by 15 paise to Rs 82.82, the pound by 31 paise to Rs 103.07 and the euro by 32 paise to Rs 89.61. The rupee was at a 13-week low against the dollar. After the Reserve Bank of India decided to withdraw the Rs 2,000 note last week, it was reported that the demand for global currencies increased in the forex market.
Rupee weakened against global currencies. The dollar advanced by 15 paise to Rs 82.82, the pound by 31 paise to Rs 103.07 and the euro by 32 paise to Rs 89.61. The rupee was at a 13-week low against the dollar. After the Reserve Bank of India decided to withdraw the Rs 2,000 note last week, it was reported that the demand for global currencies increased in the forex market.
In the local Mumbai jewelery market, gold prices were five to seven per cent higher in cash than when paying Rs 2,000. Ups and downs were seen. Crude oil also remained stable.
In the local Mumbai market, the non-GST rate of gold at Rs 99.90 per ten gram rose by Rs 554 to Rs 60,890 today. The price of 99.50 ten grams of gold became Rs 60585 without GST. The non-GST rate of silver crossed Rs 72000 by Rs 999 per kg to reach Rs 72521.
In the Ahmedabad market, gold was quoted at Rs.62,800 per ten grams and Rs.99.50 per ten grams at Rs.62,600 per ten grams. Silver stood at Rs.73500 per kg at Rs.999.
In the world market, gold was quoted at $1975.16 an ounce and silver at $23.82 an ounce. Gold was at a high of $1982.65 and a low of $1969.94. Silver was trading between $23.62 and $23.92 at $23.76. The movement of the precious metal is witnessing uncertainty as the impasse on raising the debt ceiling in the US is still not resolved.
After the standoff, crude oil prices remained flat as hopes of a pick-up in demand waned. Nymax WTI crude oil was priced at $71.62 per barrel while ICE Brent crude was priced at $75.66 per barrel.
aftershocks signals
Bumper purchases by foreign investors; In the Indian market in May Rs. 30,945 crore inserted
AHMEDABAD: Strong macro-economic fundamentals, possibility of interest rate cut, good quarterly results of companies and fall in equity valuations have increased foreign inflows into the Indian market. So far in May, foreign portfolio investors have invested Rs. 30,945 crore has been invested. Apart from equities, FPIs also invested in rupee in the debt or bond market in May. 1057 crore has been invested.
According to depository data, FPIs have made a net investment of Rs 30,945 crore in Indian equities between May 2 and May 19. With this, the net investment inflow of FPIs in the Indian stock market this year is Rs. 16,365 crore has been reached.
Earlier in April, foreign investors had invested Rs. 11,630 crore in March and Rs. 7,936 crore was invested.
– Investors looking for safety in emerging markets in case of recession in US
The survey concluded that there have been major changes in the economies of developing countries in the last three decades.
Mumbai: Global investors worried about the US recession are turning to emerging markets, has found a survey conducted by a private equity firm. In a survey of 235 money managers, analysts and traders, they said they would like to increase their exposure to emerging markets over the next 12 months. Investors are worried about the recession in the US and the monetary policy of the Federal Reserve.
Emerging markets are ready to provide compensation if the US goes into recession due to the US Federal Reserve tightening monetary policy to fight inflation.
Emerging market economies are more flexible today than they were 30 years ago. A fund manager who participated in the survey said that central banks in developing countries are fighting inflation more responsibly than in developed countries. Emerging markets are well valued and have been neglected by global investors.
Fifty percent of respondents believed that even though the US recession would affect emerging markets, the growth and attractive valuations of these markets would help them outperform developed countries. South East Asian countries seem to be the best countries for long term investment.
