Rupee tumbles to 13-week low against dollar

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- Strength in Pound and Euro against Rupee: Stabilization in global crude oil prices

- Strong dollar boosts gold-moon

MUMBAI: After the Reserve Bank announced the withdrawal of Rs 2,000 currency notes late last week, gold and silver prices in the domestic Mumbai market saw a significant improvement compared to Friday's official close as global currencies including the dollar strengthened against the Indian rupee. Silver again touched the level of Rs 72000. The import cost was expected to increase due to the weakness of the rupee against the dollar. The rupee was at a 13-week low against the dollar.

Rupee weakened against global currencies. Dollar increased by 15 paise to 82.82 rupees, pound increased by 31 paise to 103.07 rupees and euro increased by 32 paise to 89.61 rupees. 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 pointed out that the demand for global currencies has increased in the forex market.

Rupee weakened against global currencies. Dollar increased by 15 paise to 82.82 rupees, pound increased by 31 paise to 103.07 rupees and euro increased by 32 paise to 89.61 rupees. 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 pointed out that the demand for global currencies has increased in the forex market.

In the local Mumbai jewelery market, gold prices were quoted five to seven per cent higher in cash against payments of Rs 2,000. Fluctuations were observed. Crude oil also remained stable.

In the local Mumbai market, the non-GST price of 99.90 ten grams of gold rose by Rs 554 to Rs 60,890 today. The price of 99.50 ten grams of gold was Rs 60585 without GST. The non-GST price of silver .999 per kg crossed Rs 72000 to Rs 72521.

In the Ahmedabad market, gold of 99.90 was quoted at Rs 62,800 per ten gram while gold of 99.50 was quoted at Rs 62,600 per ten gram. Silver .999 per kg was Rs 73500.

In the world market, gold was quoted at 1975.16 dollars per ounce while silver was quoted at 23.82 dollars per ounce. Gold was at a high of 1982.65 dollars and at a low of 1969.94 dollars. Silver traded between $23.62 and $23.92 at $23.76. Uncertainty is seen in the movement of the precious metal as the impasse over raising the debt ceiling in the US is still not resolved.

Following the impasse, crude oil prices remained flat as optimism of an increase in demand weakened. Nymax WTI crude oil was quoted at $71.62 per barrel while ICE Brent crude oil was quoted at $75.66 per barrel.

Following strong shock signals

Bumper take of foreign investors; In the Indian market in May, Rs. 30,945 crore poured

AHMEDABAD: Strong macro-economic fundamentals, possibility of interest rate cut, good quarterly results of companies and decline in equity valuations have led to increased foreign inflows into the Indian market. So far in May, foreign portfolio investors have invested Rs. 30,945 crore has been invested. In addition to equity, FPIs also invested in debt or bond markets in May at Rs. 1057 crores have 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. Along with this, the net investment flow of FPIs in the Indian stock market this year is Rs. 16,365 crore has reached.

Earlier, foreign investors in April invested Rs. 11,630 crore and in March Rs. 7,936 crore had been invested.

- Investors looking for safety in emerging markets in the event of a recession in the US

- The survey concluded that there have been major changes in the economy of developing countries in the last three decades

MUMBAI: Global investors are turning to emerging markets, worried about the US slowdown, a survey conducted by a private equity firm found. In a survey of 235 money managers, analysts and traders, they said that they would like to increase their investment in emerging markets in the next 12 months. Investors are worried about the recession in the US and the monetary policy of the Federal Reserve.

Emerging markets are poised to provide compensation if the US slips into recession due to the US Federal Reserve's tightening of monetary policy to fight inflation.

Emerging market economies are more resilient today than they were 30 years ago. Central banks in developing countries are fighting inflation more responsibly than in developed countries, said a fund manager who participated in the survey. Emerging markets have good values ​​and have been ignored by global investors.

Fifty percent of the respondents believed that even if the US recession will affect emerging markets, the growth and attractive valuations of these markets will support them to outperform developed countries. Southeast Asian countries seem to be the best countries for long-term investment.

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