The Indian rupee erased opening losses on Wednesday as the domestic benchmarks traded between gains and losses throughout the session. The domestic unit closed flat against the US dollar and quoted at 82.85, as exporters likely sold dollars in a low-volume trading session, stated agencies.
In a note provided to Investing.com, Jateen Trivedi, VP Research Analyst, LKP Securities stated that the rupee stayed in the range between 82.8-82.92 as dollar prices stayed glued near 103.80-104.
Crude oil prices witnessed weakness after rallying in the past two weeks, giving the domestic unit a halt
As we are into the last week of 2022, the participation is very low with low volumes across Forex due to the holiday mood. Price action will be seen in the first week of January post Jan 2, as participation of fresh positions will be witnessed. Till then, the rupee range can be seen between 82.50-83.10,” said Trivedi.
On gold prices, the analyst said that they showed weakness after a strong rally on Tuesday, where the prices crossed 55200 on the back of Comex Gold exceeding $1830. However, it failed to close above $1820 and 55000 in MCX.
This is the third instance where gold prices have been failing to close above 55000 since March 2020. Hence it can fairly be said that as long as 55000 keeps acting as resistance on a closing basis, the range of gold prices can be seen between 53500-55000,