Rupee strengthens 27 paise at 65.24 against US dollar.

Rising for the fifth day in a row,the rupee appreciated by 27 paise to trade at 65.24 against the US dollar in early trade on Monday at the Interbank Foreign Exchange on increased selling of American currency by exporters.

A fall in dollar against major world currencies globally, after a weak US jobs data fuelled speculation that the world's largest economy is not ready for an interest rate hike any time soon, also helped the rupee gain strength, dealers said.

Besides, increased selling of dollar by exporters and banks and a higher opening in the domestic equity market supported the rupee, they added.

The rupee had advanced 7 paise to end at 65.51 against dollar on Thursday on selling of dollar by banks and exporters on hopes of more foreign capital inflows into equity market.

Forex market remained closed on Friday on account of "Gandhi Jayanti".
Meanwhile, the benchmark BSE Sensex spurted by 371.33 points, or 1.42 per cent, to at 26,592.28. 

Gold weak on global cues, low demand; silver remains up

Tracking a weak overseas trend and slackened demand from jewellers at prevailing levels, gold prices fell by Rs 210 to Rs 26,600 per 10 grams at the bullion market on Monday.

However, silver continued to rally and surged by Rs 150 to Rs 35,760 per kg on the back of increased offtake by coin makers ahead of Diwali festival.
Bullion merchants said weakness in gold overseas after Friday's rally and slowdown in buying activity by jewellers following fall in demand at prevailing levels, mainly dragged down gold prices.

Globally, gold was trading 0.17 per cent down at USD 1,137.50 an ounce in Singapore but silver rose 0.43 per cent to USD 15.33 an ounce. The precious metal had recorded this year's biggest one-day rise of Rs 660 on Saturday.

An appreciating rupee against the dollar that made imports cheaper also dampened sentiments, they said. At the forex market, rupee was trading 30 paise higher at 65.21 (intra-day) against the American currency.

In the national capital, gold of 99.9 and 99.5 per cent purity slumped by Rs 210 each to Rs 26,600 and Rs 26,450 per 10 grams, respectively. Sovereign, however strengthened by Rs 100 to Rs 22,400 per piece of eight grams. In contrast, silver ready advanced by Rs 150 to Rs 35,950 per kg and weekly-based delivery zoomed Rs 1,185 to Rs 35,760 per kg on speculative activity.

Silver coins also strengthened by Rs 1,000 to Rs 51,000 for buying and Rs 52,000 for selling of 100 pieces.