The Reserve Bank of India has allowed the lender to open 40 new branches. The bank was earlier debarred from opening new branches by the central bank. An email statement from the company stated that it has opened five branches and will open additional 35 branches by end of this month.
Indian Rupee opened Higher at 71.70 per Dollar Against Yesterday’s Close of 72.02.
Indranil Pan, economist at IDFC Bank said that fading inflation risks will offer RBI room to provide greater flexibility to adjust rates either way depending on what’s needed.
Gold Prices Slip for First Time in 4 days, Silver Rates Fall
Gold Silver Reports (GSR) – Sovereign gold prices, however, today held steady at Rs 25,000 per piece of 8 gram. Silver ready rates fell by Rs 25 to Rs 38,550 per kg, while weekly-based delivery was marginally up by Rs 22 to Rs 38,181 per kg. Silver coins, however, remained unchanged at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
Crude Oil Rises to $61 on Libyan Supply cut, U.S. inventories – Neal Bhai Reports
Brent crude, the global benchmark, rose $1.07 to $61.27 by 0947 GMT. It has still fallen by almost a third since early October. U.S. crude gained 99 cents to $52.64.
MCX Gold Below 31700 Level Big Down Side Expected – Sell on Rise – Neal Bhai
MCX Gold Below 31700 Level Big Down Side Expected – Sell on Rise – Neal Bhai
Some analysts are bullish on gold for 2019, given weakening US dollar outlook and expectations of slower pace of rate hikes from Fed. “Weakening US dollar outlook and very dovish pivots from the Fed, a lot of uncertainty boxed around equity markets.
Gold Prices Supported by expectations of Fewer Rate Hikes by the U.S. Federal Reserve — GSR
Gold Silver Reports (GSR ) – Spot gold inched up 0.1 percent to $1,244.40 per ounce, as of 0115 GMT. U.S. gold futures rose 0.2 percent to $1,249.9 per ounce. Spot palladium was up 0.2 percent at $1,246.30 per ounce. Prices climbed over 2 percent in the previous session.
Rupee Weakens For Third Day
The Indian rupee weakened for the third day in a row against the U.S. dollar. The home currency depreciated 0.44 percent intraday to 72.18 against the greenback.