Rupee Outlook: Commodity market MCX

Rupee vs Dollar

Rupee opened with a steady fall in price against US dollar on Thursday extending a descend from the last session. This decline in price of the rupee was due to the fall in euro ahead of Eurpean Central bank's policy meeting and the weakness in the Asian Market.

Rupee climbed upto 55 mark again today. This rise in price of the rupee was due to the increase in demand of dollar from banks and importers.

Rupee opened at 54.80 and in the early hour of the market session reached a level of 55.06.

This movement in the Rupee affected the prices of Gold too both in the domestic market and the International market.

The demand of Gold remained low in the domestic market due to the rise in the Rupee against the greenback.

The MCX Gold August contract was up by 0.55% at Rs.29,734 for 10 grams.

There is not much movement in the gold today as the increase in the Rupee has left the investors with not much choice.

Though in the spot market Gold is trading higher in most of the major cities. The highest change in the price was in Ahemdabad, Pure Gold was at Rs.250 gain, Delhi being the least change of Rs.75 high for Pure gold.