"The Rupee has been on a free fall and this has caused gold, copper and crude oil to hit a new high on Multi Commodity Exchange as these are dollar denominated commodities.
Rupee saw a drastic fall of 3% in today's trade and closed at Rs 68.80 per dollar on the back of heavy month end dollar demand from oil companies and importers.
'Further, outflow of foreign funds from equities and debt coupled with worries over the Current Account Deficit (CAD) acted as a negative factor for the currency. However, selling of dollars from exporters and Reserve bank of India (RBI) at 68.75-levels couldn’t provide respite to fall in the currency. ,' Angel Commodities said in a report.
Silver is also at a 8 months high as it is following the movement of base metals as well as the movement in gold. Silver on MCX hit a high of Rs 59,942 per kilogram.
Copper, gold and crude oil for second day in a row have hit a high on the Indian exchanges. Copper in day trade hit an all time high of Rs 512.65 per kilogram, crude oil hit a high of 7784 per barrel while gold hit a high of Rs 35,074 per 10 grams."
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