Indian Rupee Hits Record Low Against US Dollar, Gold and Silver Reach New Peaks

According to The Economic Times, Jateen Trivedi, VP Research Analyst at LKP Securities, stated that the market sentiment remains weak, suggesting further potential decline in the rupee's value.

However, Anuj Chaudhury, Research Analyst (Currency and Commodities) at Mirae Asset ShareKhan, noted that the possibility of an interest rate cut by the US Federal Reserve in September could weaken the dollar. Investors may remain cautious ahead of the US non-farm payroll report this week. The USD-INR spot price is expected to trade in the range of 87.85 to 88.50.

In Delhi, gold prices surged by ?1,000 on Monday, reaching a new record high of ?1,05,670 per 10 grams. The price increase is attributed to expectations of an interest rate cut by the US Federal Reserve this month and strong demand in international markets. This marks the sixth consecutive trading session of rising gold prices.

Similarly, silver prices climbed by ?1,000, hitting a new peak of ?1,26,000 per kilogram (including all taxes). According to the All India Sarafa Association, 99.9% pure gold had risen by ?1,000 on Saturday to a record high of ?1,04,670 per 10 grams.

Traders noted that growing concerns over the US Federal Reserve’s independence and uncertainties surrounding tariff policies are driving the surge in precious metal prices. Buoyed by strong economic growth data, domestic stock markets recovered from three consecutive days of decline, closing higher on Monday.

 Among the Sensex’s 30 companies, 23 closed higher, with Mahindra & Mahindra, Tata Motors, Trent, Eternal, Asian Paints, and Infosys being the top gainers. However, shares of Sun Pharma, ITC, Hindustan Unilever, and Titan recorded declines.

According to data released by the National Payments Corporation of India (NPCI) on Monday, the Unified Payments Interface (UPI) crossed 20 billion transactions for the first time in its history in August.

The number of UPI transactions reached 20.01 billion, reflecting a 2.8% increase from July’s 19.47 billion. On a yearly basis, this represents a 34% growth. UPI recorded transactions worth ?24.85 lakh crore in August, a 24% increase compared to the previous year.

Additionally, NPCI data showed that the average daily transaction volume rose to 645 million in August, up from 628 million in July. However, the average daily transaction value slightly decreased to ?80,177 crore from ?80,919 crore in July.

UPI had previously set a single-day record of over 700 million transactions on August 2. This milestone follows consistent growth over the past few months, achieved despite restrictions on real-money gaming platforms.