Country’s Forex Reserves at $369Bn, Gold Recovers on Global Cues  

Forex reserves eased to $369.60 billion as on September 16 from $371.27 billion on September 9. Gold moved higher by Rs 80 at Rs 31,600 per 10 grams, while silver fell Rs 300 to Rs 46,500 per kg. - Sakshi Post

Chennai: India’s foreign exchange (forex) reserves went down $369.60 billion as on September 16, according to the latest data from Reserve Bank of India (RBI). The reserves stood at $369.60 billion as on September 16, as against $371.27 billion as on September 9.

On September 16, the foreign currency assets stood at $344.07 billion, gold at $21.64 billion, special drawing rights at $1.49 billion and the reserve position in the International Monetary Fund (IMF) at $2.39 billion.
The reserves as on September 9 comprised foreign currency assets at $345.74 billion, gold at $21.64 billion, special drawing rights at $1.49 billion and the reserve position in the IMF at $2.39 billion.

Gold Perks Up on Positive Global Cues

After easing on Friday, gold regained its form to trade higher by Rs 80 at Rs 31,600 per 10 grams. The positive cues from the global markets amid buying by jewellers in the domestic spot market helped the prices of yellow metal to recover.

However, silver fell by Rs 300 to Rs 46,500 per kg on reduced off-take by industrial units and coin makers. Bullion traders said a firm trend overseas after the US Federal Reserve kept interest rates unchanged boosted demand for the precious metal. That apart, fresh purchases by jewellers at the domestic spot market led to the recovery in gold prices.

Globally, gold rose 0.03 per cent to $1,337.10 an ounce in New York in yesterday’s trade. In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 80 each to Rs 31,600 and Rs 31,450 per 10 grams, respectively. The metal had shed Rs 30 yesterday.

Sovereign, however, was unchanged at Rs 24,500 per piece of eight grams in limited deals. On the other hand, silver ready dropped by Rs 300 to Rs 46,500 per kg and weekly-based delivery by Rs 370 to Rs 46,815 per kg. Its coins, however, continued to be traded at previous levels of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

Source: IANS/ PTI

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