nifty future tips
The rupee soared 42 paise to 66.18 against the US dollar in early trade on increased selling of the US currency by exporters and banks along with higher foreign inflows following BJP’s booming win in Uttar Pradesh. Further, industrial production expanding by 2.7% in January also supported the rupee.
Meanwhile, Crude oil slides Near Rs 3200 Levels On Multi Commodity Exchange. WTI Crude oil has dropped below USD 50 for the first time since in nearly three months following heavy US inventories and selling pressure in major industrial commodities.
US commercial crude supplies have grown for nine consecutive weeks, reaching a record 528.4 million barrels last week, as per the US Energy Information Administration. WTI futures are currently trading just above USD 48 per barrel. MCX Crude dropped 0.77% yesterday to close around Rs 3,200 per barrel.
Gold is trying to edge up after the recent slip. A near 2-month low around USD 1200 per ounce seems to be working for the metal. MCX Gold closed down 0.45% at Rs 28, 238 per 10 grams yesterday, seeing another drubbing after the weekend.
Gold was pressed in last session under comments from US Fed Chief Janet Yellen. The precious metal took a drop on 13 Jan 2017, sine rising equities clubbed with failure to hold above 200 day Exponential Moving Average hurt the metal.
Gold Prices had tested a 3-month high above USD 1240 per ounce last week before drifting lower. The counter also seen lack of buying as speculative fund demand remained thin. However, the metal is presently trading moderate level at USD 1227 per ounce. MCX Gold futures tested a low near Rs 28,950 levels on Tuesday and ended just above Rs 29,000 per 10 grams mark.
The Federal Reserve can hike interest rates at a gradual pace, Fed Chair Janet Yellen told lawmakers on Monday. She told, if the labor market continues to strengthen and inflation moves to the central banks 2% target, a further adjustment of the federal funds rate would likely be fitting. However, changes in fiscal policies could potentially affect the economic outlook.