Weakening of rupee against dollar has
reached to a record low of 57.30. For the first time rupee reached
at 57.30 level against dollar. Rupee has to fall on the back of
strong demand for the American currency from oil importers,
increased capital outflows and concerns over slowdown in global
economic growth.
This fall in rupee has supported Gold
prices. In MCX , Gold prices have reached to 29943 level with a gain
of 0.34%.
Experts say that above 29950, gold may
go up to 30000-31150 level. So a strong Intraday buy is suggested for
Day traders.
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