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Below is Quote on Rupee & Gold 16 May 2023 By Jateen Trivedi, VP Research Analyst at LKP Securities

Rupee:

The Indian rupee has been persistently weak over the past nine trading sessions. It started with a gap down opening at 82.73 as the dollar index remained higher, staying above 102.75$. However, the rupee found some support near 82.80 and the price rose towards 82.63, with the trading range staying between 82.65-82.80. The pressure on the rupee was further exacerbated by the crude oil price remaining above 72.70$. Looking ahead, the range for the rupee is expected to be lower, ranging between 82.40-82.95. These factors have contributed to the rupee's ongoing weakness in the currency markets.

Gold:

Gold prices remained weak throughout the week, with a decline from a high of 2020$ in Comex to 1960$. The breach of the 2000$ level triggered a sharp selloff. In the MCX market, gold fell from 61400 to 59600, but the depreciation of the rupee limited the decline to 2% compared to the 3% fall in Gold Comex. Looking ahead, gold has support at 59500, and there is a possibility of some short covering leading to a potential rise towards 60500 in the next few sessions.

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