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Gold may rise towards Rs 1.35 lakh/10 g as Asia drives demand: Report

Mumbai, Oct 17 (PTI) Gold’s glittering rally is expected to continue, with prices likely to climb towards Rs 1.35 lakh/10 gram (USD 4,500 per ounce) in overseas markets, supported by sustained global central bank purchases, persistent geopolitical tensions, and strong Asian demand, according to a report by Motilal Oswal Financial Services Ltd. Silver, which has outperformed gold in terms of returns so far this year, is projected to climb to around Rs 2,30,000 per Kg (USD 75 per ounce), aided by robust industrial consumption and a widening supply deficit, the report said. Gold prices have surged over 50 per cent

RBI repeats pre-market dollar sales, reinforcing support for rupee

MUMBAI, Oct 17 (Reuters) – The RBI (Reserve Bank of India) sold U.S. dollars through state-run banks before the spot market opened on Friday, traders said, repeating its midweek pre-market intervention and underscoring its intent to support the rupee. The RBI’s intervention helped the rupee open firmer against the U.S. dollar despite pre-market signals of weakness. Quotes in the interbank order-matching system had pointed to a possible dip past the 88 level before state-run banks stepped in to sell dollars on the central bank’s behalf. The rupee climbed to a high of 87.75 on the back of the intervention, after

India already cutting Russian oil imports by 50% after US talks, White House official says

WASHINGTON/NEW DELHI, Oct 16 (Reuters) – The United States and India have held productive trade talks, and Indian refiners are already cutting Russian oil imports by 50%, a White House official told Reuters on Thursday. However, Indian sources said the cut was not visible yet, though it could be reflected in import numbers for December or January. Refiners had already placed orders for November loading that included some cargoes for December arrival as well, the sources said. The Indian government has not yet informed refiners of a request to cut Russian imports, they added. India’s oil ministry and all of

Rupee rises 21 paise to 87.75 against US dollar in early trade

Mumbai, Oct 17 (PTI) The rupee appreciated 21 paise to 87.75 against the US dollar in early trade on Friday, supported by a softer American currency against major currencies and likely intervention by the Reserve Bank of India. Forex traders said renewed foreign fund inflows and lower crude oil prices boosted investor sentiment further. At the interbank foreign exchange market, the rupee opened at 87.91 and then gained ground and touched an early high of 87.75 against the US dollar, registering a gain of 21 paise from its previous close. On Thursday, the rupee appreciated 12 paise to close at

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