Rupee strengthens by 3 paise at ₹83.50; gold at ₹72,449 per 10 grams on Wednesday
CHENNAI: The Indian Rupee showed resilience, strengthening against the US dollar amid favorable market conditions. Gold prices remained steady, with a positive outlook for the coming year due to geopolitical uncertainties. Silver prices experienced a slight uptick, reflecting ongoing market dynamics.
The rupee strengthened by 3 paise, closing at ₹83.50 per US dollar on Wednesday, supported by a retreat in the US dollar and significant foreign fund inflows. However, rising crude oil prices weighed on investor sentiments, restricting the upside potential.
The MCX Gold futures for August delivery closed at ₹72,449 per 10 grams, exhibiting a flat trend with a positive bias, and MCX Silver futures for September delivery closed at ₹91,849 per kg, marking a marginal increase.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
6 hours ago
- NDTV
Rs 500 Currency Notes To Be Discontinued By 2026? What Government Said
New Delhi: A video on YouTube claiming that the Rs 500 currency notes will be discontinued by 2026 has been gaining traction over the past few days, triggering confusion and panic among people. However, the Centre has debunked the 'fake' claim, saying the Reserve Bank of India (RBI) has not made any such announcement. The video, posted by a YouTube Channel 'Capital TV' on June 2, said that the Rs 500 notes will start phasing out from March next year. The nearly 12-minute-long video gained over five lakh views. "Rs 500 notes have NOT been discontinued and remain legal tender," the Press Information Bureau (PIB) Fact Check division - the Indian government's official fact-checking agency, wrote in a post on X. It also advised citizens not to fall for misinformation. "Always verify news from official sources before believing or sharing it," it said. Is the ₹500 note set to be phased out by 2026? 🤔 A #YouTube video on the YT Channel 'CAPITAL TV' (capitaltvind) falsely claims that the RBI will discontinue the circulation of ₹500 notes by March 2026. #PIBFactCheck ✔️ @RBI has made NO such announcement. ✔️₹500 notes have… — PIB Fact Check (@PIBFactCheck) June 3, 2025 The current Rs 500 currency notes were introduced after the 2016 demonetisation exercise. The size of the note is 66mm x 150mm. The colour of the notes is stone grey, with the theme 'Indian heritage site - Red Fort'. Like other Indian Rupee banknotes, the Rs 500 notes have their amount written in 17 languages - English, Hindi, Assamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Odia, Punjabi, Sanskrit, Tamil, Telugu, and Urdu. Prime Minister Narendra Modi, on November 8, 2016, had demonetised the previous Rs 500 notes as a measure to fight corruption in the country and address the issue of counterfeit banknotes. The news notes were replaced two days later. The RBI had also introduced the new Rs 2,000 currency note during the demonetisation exercise. However, in May 2023, the notes were withdrawn from circulation, but they remained legal tender.
Business Standard
20 hours ago
- Business Standard
INR rebounds as current account deficit expected to remain low
Indian Rupee saw good gains against the US dollar today after the Reserve Bank of India (RBI) cut interest rates by half a percent, continuing to witness good support around 86 threshold. RBI has slashed its key lending rate, or the repo rate, by 50 basis points to 5.5% amid softening inflation. Local stocks soared following this with the NIFTY50 index zooming up 1% to hit 25K mark. Reserve Bank of India (RBI) Governor Sanjay Malhotra has noted today that with the moderation in trade deficit in Q4:2024-25, alongside strong services exports and remittance receipts, the current account deficit (CAD) for 2024-25 is expected to remain low. INR added 16 paise at 85.64 per US dollar. The dollar index is holding just under 99 mark with focus on US nonfarm jobs data due on Friday.
&w=3840&q=100)
Business Standard
a day ago
- Business Standard
Rupee gains in volatile trade after RBI's big cuts; ends higher at 85.64/$
The Indian Rupee was hit by volatility but strengthened on Friday, after the Reserve Bank of India (RBI) unleashed a barrage of liquidity to boost economic growth amid a fragile global macroeconomic situation. The domestic currency appreciated 16 paise to end at 85.64 against the greenback, after closing at 85.80 on Thursday, according to Bloomberg. During the session, the currency witnessed high volatility, with the unit sliding to the 86 mark against the dollar. The RBI's monetary policy committee (MPC) cut the repo rate by 50 basis points to 5.50 per cent, marking the third consecutive reduction in 2025. The central bank also cut the cash reserve ratio (CRR) by 100 basis points to 3 per cent, which is likely to infuse ₹2.5 trillion in the system. Further, the RBI also shifted its monetary policy stance from 'accommodative' to 'neutral'. With foreign portfolio investor (FPI) flows remaining uncertain and recent inflows being tepid and sporadic, the rupee has been on a weakening trend, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. Meanwhile, the dollar index edged up as investors evaluated the phone call between US President Donald Trump and Chinese President Xi Jinping. The two leaders spoke on Thursday and agreed to resume trade talks through upcoming official-level meetings. The index, which measures the greenback against a basket of six major currencies, was up 0.24 per cent at 98.982. The dollar was headed for a weekly loss on Friday, undermined by signs of fragility in the US economy, and as trade negotiations between Washington and its trading partners made little progress despite a looming deadline, Bhansali said. Meanwhile, the friends-turned-foes episode deepened tensions as the US President Donald Trump threatened to end Elon Musk's government contracts after his comment on the 'Big Beautiful Bill', sending Tesla shares to their worst in four years.
