Rupee depreciation against major currencies

(By commercial representative) Mumbai, Ta. 31 August 2020, Monday

The rupee depreciated against major global currencies, including the dollar, after reports of Chinese attempts to infiltrate the Indian border again. Globally, gold was also fluctuating while silver was up. Crude oil saw an improvement.

At home, the GST-free price of one kg of silver in the Mumbai market, which was Rs 200 at the end of last week, has gone up to Rs 215 today and finally closed at Rs. The GST-free price of 10.50 per ten grams of gold, which closed at Rs 31,150 last weekend, closed at Rs 31,081 today, while the price of ten grams of gold 7.50, which closed at Rs 31,600, closed at Rs 319. Prices with GST were quoted three per cent higher.

In the Ahmedabad market, the price of 9.40 gold per ten grams was Rs 200 and the price of 5.50 gold was Rs 200. Silver was trading at Rs 2,000 per kg.

In the global market, gold was trading at around ૯૬૬ 16 an ounce, compared to 14 an ounce, while silver was trading at ૨૭ 4.5 an ounce, up from ૫ 2.50 an ounce. Platinum was quoted at ૯૩૫ 6 with 5 while palladium was quoted at ૨૨ 817 with ૯ 203.

The rupee weakened against major global currencies in the domestic currency market as renewed friction between China and India on the border. The dollar had risen to Rs 5.31 and finally improved by 30 paise from the previous close to close at Rs 2.50. The euro was up 10 paise at Rs 2.31 while the pound was up 50 paise at Rs 4.5.

The world market saw a modest improvement in crude oil. New York crude was trading at ૪૩ 4.5 a barrel, while Brent crude was trading at 4.31 a barrel.