Rupee @45.22/$; gold falls

Rupee @45.22/$; gold falls
December 22, 2010 11:33:28 AM

PNS | New Delhi

In line with smart rally in local equities amid fresh dollar selling by exporters, the rupee on Tuesday recovered sharply by 25 paise against the US currency to close at 45.22/23.

Meanwhile, both the precious metals, silver and gold, crashed on the bullion market, as traders reduced offtake at existing high levels due to easing demand. While gold prices fell by Rs 30 to Rs 20,790 per 10 grams, silver dropped by Rs 300 to Rs 45,000 per kg. Analysts said retail customers and stockists refrained from buying on anticipation of a further fall in prices

Weak dollar overseas too aided the rupee sentiment. The dollar index of six major currencies was down by 0.18 per cent in London on Tuesday. In active trade at the Interbank Foreign Exchange (Forex) market, the local unit opened remarkably higher at 45.35/36 a dollar from its previous close of 45.47/48 and immediately touched the day's low of 45.40.