Rupee Surges As the Dollar Drops from a One-Week High

MUMBAI: The Indian Rupee on Tuesday appreciated as the dollar dropped from a one-week high driven by optimism in financial markets becoming more upbeat ahead of important Federal Reserve and Bank of England (BoE) meetings this week.

The rupee ended at 82.6950, against a previous close of 82.78. It traded in a narrow 10 paisa range throughout the session.

The U.S. benchmark 10-year yield also dropped 9 basis points to 3.9839%, nearly 23 bps off its peak this month.

Meanwhile, India according to a report by the World Gold Council (WGC) has bought 191.7 tonnes of gold worth Rs 85,010 crore in Q3 2022 and also defied the international gold investment trend by posting a positive gold investment figure.

On Tuesday, the yellow metal climbed 1 per cent.Spot gold was up 0.8% at $1,645.78 per ounce by 0925 GMT, after hitting its lowest level since Oct. 21 earlier in the session. U.S. gold futures advanced 0.5% to $1,649.00.

Gold prices have declined about 21% since rising past the $2,000 per ounce level in March, due to rapid rate hikes from the Fed, posting a seventh straight monthly loss in October.

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