Rupee breaks 74 paise against dollar against record low, while euro and pound hit: crude oil recovery

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Ahmedabad. 19 March 2020, Thursday

Today, the rupee has suffered a major erosion. The rupee against the dollar could be a problem for Indian companies as they get closer to 75 rupees. The rupee has been running poorly for some time but its erosion has become a concern today. The rupee had hit a historic low of 75.10. Today it was 84 paise.

Yesterday's rise in local gold prices could not survive today after the world market. Gold was also pressured into the global market as global funds were now turning to the dollar instead of gold as an investment tool. However, with the rupee weakening against the domestic dollar and falling to an all-time low, gold prices were limited here. The government today announced a significant reduction in the tariff value of silver while the tariff value of gold remained unchanged. The impact of the coronavirus in China is slowing down and there are signs of slowing down of normal life and trade activities, which has led to the decline in crude oil.

In the local gold market, the price of 99.50 gold without 10 GST of GST, which closed yesterday at Rs 40375, was today at Rs 40453 with 40334 closing. 99.50 Gold prices closed at yesterday's close of Rs 40537 and today closed at Rs 40616 and Rs 40496. Silver also fell behind gold. .999 Silver One Kg without GST price closed at Rs 35515 today, the lowest being Rs 35200 and finally closing at Rs 35220. The rupee against the dollar was reduced to a new low.

The silver tariff value for calculating import duty has been reduced from $ 533 to $ 402 per kg while the tariff value of gold has been reduced to $ 505 per 10 grams.

Gold in the world market, which was last seen at $ 1,517.20 an ounce yesterday, was down $ 1500 today, hitting $ 1465.60 to $ 1472.10. Silver also fell $ 12.41 an ounce to $ 11.86 an ounce in the evening. The Basket Currency Dollar Index rose seven consecutive days to a new record high of 101.

Global fund houses are preferring the dollar instead of gold as an investment tool, which has strengthened the dollar. The rupee had weakened against the dollar and reached a new low today as the dollar strengthened overseas. The dollar, which closed yesterday at Rs 74.26, closed at Rs 75.32 in intraday today. The rupee has lost 74 paise against the dollar. The rupee had shown strength against the dollar and the euro against the dollar. The pound was down 183 paise at 86.58 and the euro 86 paise at Rs 80.63.

Brent crude oil rose four per cent to $ 25.80 a barrel today while crude oil was up eight per cent to $ 22.04, after crude oil fell 18 per cent in the international market yesterday. The rise in crude oil production has seen China's exit from the coronavirus impact.

Silver tariff value reduced to $ 402 per kg to calculate import duty: Yesterday's rise in gold prices could not survive yesterday.

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