The rupee on Thursday opened on a positive note against the American dollar at 72.41, almost 20 paise up. This comes a day after the Indian government decided to hike import tariffs on 19 "non-essential items" in a bid to strengthen the tumbling Indian currency.

The new tariff structure, which goes into effect Thursday, will see the government raise customs duties on items such as air conditioners, refrigerators, footwear, speakers, luggage and aviation turbine fuel, among other items, news agency Reuters reported.

"This is positive news for the rupee given that it will help reduce India's current account deficit," said a forex trader at a foreign bank.

"This is a sentiment booster for the rupee," said SBI Chief Economist Soumya Kanti Ghosh, adding that the overall impact on current account deficit will be muted.

"The central bank needs to intervene more actively in the forex market to support the rupee. These tariff measures won't help in the long term," said Ghosh.

Meanwhile, Indian markets opened in green today with Sensitive Index (Sensex) of the BSE, which had closed at 36,542.27 points on Wednesday, opening higher at 36,691.93 points in the morning trade.

Nifty registered a hike of 8 points at 11,060.&nbsp;

 
&nbsp;

The rupee on Thursday opened on a positive note against the American dollar at 72.41, almost 20 paise up. This comes a day after the Indian government decided to hike import tariffs on 19 "non-essential items" in a bid to strengthen the tumbling Indian currency.

The rupee on Thursday opened on a positive note against the American dollar at 72.41, almost 20 paise up. This comes a day after the Indian government decided to hike import tariffs on 19 "non-essential items" in a bid to strengthen the tumbling Indian currency. The new tariff structure, which goes into effect Thursday, will see the government raise customs duties on items such as air conditioners, refrigerators, footwear, speakers, luggage and aviation turbine fuel, among other items, news agency Reuters reported. "This is positive news for the rupee given that it will help reduce India's current account deficit," said a forex trader at a foreign bank. "This is a sentiment booster for the rupee," said SBI Chief Economist Soumya Kanti Ghosh, adding that the overall impact on current account deficit will be muted. "The central bank needs to intervene more actively in the forex market to support the rupee. These tariff measures won't help in the long term," said Ghosh. Meanwhile, Indian markets opened in green today with Sensitive Index (Sensex) of the BSE, which had closed at 36,542.27 points on Wednesday, opening higher at 36,691.93 points in the morning trade. Nifty registered a hike of 8 points at 11,060.

Rupee up by 20 paise against US dollar at Rs 72.41

Gold prices eased on Friday on profit-taking, after breaking above $1,300 in the previous session when US&nbsp;President Donald Trump's decision to call off a meeting with North Korean leader Kim Jong Un triggered safe-haven buying.

Spot gold was down 0.2 per cent at $1,302.18 per ounce at 0312 GMT, after gaining nearly 1 per cent in the previous session in its biggest one-day percentage rise since April 11. It remains on track for a weekly advance.

US&nbsp;gold futures for June delivery fell 0.2 per cent to $1,301.80 per ounce.

"It is normal for some profit-taking to ensue after a surge (in prices). Still, gold appears to be anchored in the $1,300-range, especially with the recent uptick in geopolitical tensions," said OCBC analyst Barnabas Gan.

"The sustained uncertainty over (US-North Korea) negotiations will likely add further upside to gold prices given safe-haven demand," Gan said.

Gold is often seen as a safe investment during times of political and financial uncertainty, alongside the Japanese yen.

The dollar regained its footing on Friday after dropping to a 2-week low versus the yen in the previous session, as North Korea said it was open to resolving issues with the United States after Trump on Thursday called off a summit with the North, citing Pyongyang's "open hostility".

A stronger dollar makes dollar-denominated gold more expensive for holders of other currencies.

The North's conciliatory remarks and commitment to US-North Korea talks had eased some concern about the crisis and pressured gold, said Helen Lau, an analyst at Argonaut Securities.

Meanwhile, Trump's threat to impose tariffs on auto imports drew strong criticism abroad and at home where US&nbsp;business&nbsp;groups and members of his own Republican Party warned of damage to the industry and raised the prospect of a global trade war that would harm American interests.

Elsewhere, eurozone growth could slow further and uncertainty is on the rise but the bloc's expansion remains solid and broad-based, European Central Bank policymakers concluded in April, the minutes of the meeting showed on Thursday.

Among other precious metals, silver fell 0.3 per cent to $16.57 an ounce, while platinum edged down 0.1 per cent to $908.50 an ounce after touching its highest since May 14 at $914.30 in the previous session.

Palladium climbed about 0.2 per cent to $976.10 an ounce.

All three of those metals were on course for weekly gains.

Spot gold was down 0.2 per cent at $1,302.18 per ounce at 0312 GMT, after gaining nearly 1 percent in the previous session

Gold prices eased on Friday on profit-taking, after breaking above $1,300 in the previous session when US President Donald Trump's decision to call off a meeting with North Korean leader Kim Jong Un triggered safe-haven buying. Spot gold was down 0.2 per cent at $1,302.18 per ounce at 0312 GMT, after gaining nearly 1 per cent in the previous session in its biggest one-day percentage rise since April 11. It remains on track for a weekly advance. US gold futures for June delivery fell 0.2 per cent to $1,301.80 per ounce. "It is normal for some profit-taking to ensue after a surge (in prices). Still, gold appears to be anchored in the $1,300-range, especially with the recent uptick in geopolitical tensions," said OCBC analyst Barnabas Gan. "The sustained uncertainty over (US-North Korea) negotiations will likely add further upside to gold prices given safe-haven demand," Gan said. Gold is often seen as a safe investment during times of political and financial uncertainty, alongside the Japanese yen. The dollar regained its footing on Friday after dropping to a 2-week low versus the yen in the previous session, as North Korea said it was open to resolving issues with the United States after Trump on Thursday called off a summit with the North, citing Pyongyang's "open hostility". A stronger dollar makes dollar-denominated gold more expensive for holders of other currencies. The North's conciliatory remarks and commitment to US-North Korea talks had eased some concern about the crisis and pressured gold, said Helen Lau, an analyst at Argonaut Securities. Meanwhile, Trump's threat to impose tariffs on auto imports drew strong criticism abroad and at home where US business groups and members of his own Republican Party warned of damage to the industry and raised the prospect of a global trade war that would harm American interests. Elsewhere, eurozone growth could slow further and uncertainty is on the rise but the bloc's expansion remains solid and broad-based, European Central Bank policymakers concluded in April, the minutes of the meeting showed on Thursday. Among other precious metals, silver fell 0.3 per cent to $16.57 an ounce, while platinum edged down 0.1 per cent to $908.50 an ounce after touching its highest since May 14 at $914.30 in the previous session. Palladium climbed about 0.2 per cent to $976.10 an ounce. All three of those metals were on course for weekly gains.

Gold slips, but demand keeps prices above $1,300

Oil prices edged off highs last reached in late 2014, pressured by a stronger dollar, but crude futures still drew support from mounting political tension in the Middle East and shrinking global oil inventories.

Brent crude futures were at $71.67 a barrel at 11:48 a.m. EDT (1548 GMT), down 39 cents. US&nbspWTI crude futures were down 13 cents at $66.68.

"The dollar index is the biggest factor in prices today," said Phillip Streible, an analyst at RJO Futures in Chicago. The U.S. dollar was up 0.3 percent against a basket of major currencies, making purchases in other currencies more expensive.

The Organization of the Petroleum Exporting Countries said the global oil stocks surplus was close to evaporating due to healthy demand and its own supply cuts.

The group is producing oil below its targets, meaning the world needs to use stocks to meet rising demand. OPEC said in its monthly report oil stocks in the developed world fell by 17.4 million barrels in February to 2.854 billion barrels, around 43 million barrels above the latest five-year average.

OPEC Secretary-General Mohammad Barkindo told Reuters in New Delhi the global oil glut has effectively shrunk by nine-tenths since the start of 2017.

"We have seen an accelerated shrinkage of stocks in storage from unparalleled highs of about 400 million barrels to about 43 million above the five-year average," Barkindo said.

OPEC, Russia and several other non-OPEC producers began trimming supply in January 2017. Their pact runs until the end of the year and OPEC meets in June to decide on its next course of action.

"There is growing confidence that the declaration of cooperation will be extended beyond 2018," Barkindo told Reuters. "Russia will continue to play a leading role."

On Wednesday, both Brent and WTI hit their highest since late 2014, $73.09 for Brent and $67.45 a barrel for US&nbspcrude, after Saudi Arabia said it intercepted missiles over Riyadh and U.S. President Donald Trump warned of military action in Syria.

The geopolitical developments more than offset pressure from a U.S. government report showing crude oil inventories rose by 3.3 million barrels, while domestic production hit a record 10.53 million barrels per day (bpd).

Brent crude futures were at $71.67 a barrel at 11:48 a.m. EDT (1548 GMT), down 39 cents. U.S. WTI crude futures were down 13 cents at $66.68.

Oil prices edged off highs last reached in late 2014, pressured by a stronger dollar, but crude futures still drew support from mounting political tension in the Middle East and shrinking global oil inventories. Brent crude futures were at $71.67 a barrel at 11:48 a.m. EDT (1548 GMT), down 39 cents. US&nbspWTI crude futures were down 13 cents at $66.68. "The dollar index is the biggest factor in prices today," said Phillip Streible, an analyst at RJO Futures in Chicago. The U.S. dollar was up 0.3 percent against a basket of major currencies, making purchases in other currencies more expensive. The Organization of the Petroleum Exporting Countries said the global oil stocks surplus was close to evaporating due to healthy demand and its own supply cuts. The group is producing oil below its targets, meaning the world needs to use stocks to meet rising demand. OPEC said in its monthly report oil stocks in the developed world fell by 17.4 million barrels in February to 2.854 billion barrels, around 43 million barrels above the latest five-year average. OPEC Secretary-General Mohammad Barkindo told Reuters in New Delhi the global oil glut has effectively shrunk by nine-tenths since the start of 2017. "We have seen an accelerated shrinkage of stocks in storage from unparalleled highs of about 400 million barrels to about 43 million above the five-year average," Barkindo said. OPEC, Russia and several other non-OPEC producers began trimming supply in January 2017. Their pact runs until the end of the year and OPEC meets in June to decide on its next course of action. "There is growing confidence that the declaration of cooperation will be extended beyond 2018," Barkindo told Reuters. "Russia will continue to play a leading role." On Wednesday, both Brent and WTI hit their highest since late 2014, $73.09 for Brent and $67.45 a barrel for US&nbspcrude, after Saudi Arabia said it intercepted missiles over Riyadh and U.S. President Donald Trump warned of military action in Syria. The geopolitical developments more than offset pressure from a U.S. government report showing crude oil inventories rose by 3.3 million barrels, while domestic production hit a record 10.53 million barrels per day (bpd).

Oil dips from 3-year highs but OPEC supply draw supports

The rupee depreciated 12 paise to 65.11 against the US dollar in opening trade on Wednesday ahead of the release of US Fed meeting minutes scheduled later in the day.

However, weakness in the US dollar against select currencies overseas and a higher opening in domestic equities capped the losses.

Meanwhile, foreign portfolio investors (FPIs) sold equities worth Rs 684.99 crore yesterday, provisional data showed.

Yesterday, The rupee had ended higher by 3 paise at 64.99 against the American currency amid easing US-China trade war fears.

Meanwhile, the benchmark BSE Sensex advanced by 92.26 points, or 0.27 per cent, at 33,972.51 in early deals. 
&nbsp;

However, weakness in the US dollar against select currencies overseas and a higher opening in domestic equities capped the losses

The rupee depreciated 12 paise to 65.11 against the US dollar in opening trade on Wednesday ahead of the release of US Fed meeting minutes scheduled later in the day. However, weakness in the US dollar against select currencies overseas and a higher opening in domestic equities capped the losses. Meanwhile, foreign portfolio investors (FPIs) sold equities worth Rs 684.99 crore yesterday, provisional data showed. Yesterday, The rupee had ended higher by 3 paise at 64.99 against the American currency amid easing US-China trade war fears. Meanwhile, the benchmark BSE Sensex advanced by 92.26 points, or 0.27 per cent, at 33,972.51 in early deals.

Rupee sheds 12 paise against US dollar

The Indian rupee was trading little changed against the US dollar ahead of the US Federal Reserve&rsquo;s policy statement due later on Wednesday.

The rupee opened at 65.23 a dollar. At 9.15am, the home currency was trading at 65.20 a dollar, the same level as its Tuesday&rsquo;s close. 
Besides, the dollar&#39;s weakness against some currencies overseas, fresh selling of the American currency by exporters as well as banks supported the rupee, forex dealers said.

A higher opening in the domestic equity market influenced the currency&#39;s movement, they added.

Yesterday, the domestic unit had slipped by 3 paise to end at 65.20 a dollar due to demand uptick for the greenback.

Meanwhile, the benchmark BSE Sensex rose 226.86 points, or 0.69 per cent, at 33,223.62 in opening trade today.

The rupee opened at 65.23 a dollar. At 9.15am, the home currency was trading at 65.20 a dollar, the same level as its Tuesday’s close

The Indian rupee was trading little changed against the US dollar ahead of the US Federal Reserve’s policy statement due later on Wednesday. The rupee opened at 65.23 a dollar. At 9.15am, the home currency was trading at 65.20 a dollar, the same level as its Tuesday’s close. Besides, the dollar's weakness against some currencies overseas, fresh selling of the American currency by exporters as well as banks supported the rupee, forex dealers said. A higher opening in the domestic equity market influenced the currency's movement, they added. Yesterday, the domestic unit had slipped by 3 paise to end at 65.20 a dollar due to demand uptick for the greenback. Meanwhile, the benchmark BSE Sensex rose 226.86 points, or 0.69 per cent, at 33,223.62 in opening trade today.

Rupee trades flat against US dollar ahead of Fed policy decision

Amid mixed global cues, the rupee opened 2 paise higher at 64.87 against the US dollar today at the Interbank Foreign Exchange on selling of the greenback by exporters and banks.

The dollar weakened against some currencies overseas after US President Donald Trump sacked Secretary of State Rex Tillerson.

The release of US consumer price inflation data that was in line with expectations, dampening more aggressive rate-hike forecasts added to the weakness in dollar and lent some support to the domestic unit. However, a lower opening of equity market here capped any gains gain, forex dealers said.

Yesterday, the rupee had gained 15 paise to close at 64.89 against the US currency on heavy foreign fund inflows after strong macro-economic data.

Meanwhile, the benchmark BSE Sensex fell 142.82 points, or 0.42 per cent, to 33,713.96 in morning trade.

The dollar weakened against some currencies overseas after US President Donald Trump sacked Secretary of State Rex Tillerson.

Amid mixed global cues, the rupee opened 2 paise higher at 64.87 against the US dollar today at the Interbank Foreign Exchange on selling of the greenback by exporters and banks. The dollar weakened against some currencies overseas after US President Donald Trump sacked Secretary of State Rex Tillerson. The release of US consumer price inflation data that was in line with expectations, dampening more aggressive rate-hike forecasts added to the weakness in dollar and lent some support to the domestic unit. However, a lower opening of equity market here capped any gains gain, forex dealers said. Yesterday, the rupee had gained 15 paise to close at 64.89 against the US currency on heavy foreign fund inflows after strong macro-economic data. Meanwhile, the benchmark BSE Sensex fell 142.82 points, or 0.42 per cent, to 33,713.96 in morning trade.

Money market: Rupee opens higher against dollar

The benchmark BSE Sensex gained over 132 points to 34,578.39 in early trade today, rising for the third straight session today on buying by domestic institutional investors (DIIs) amid strong global cues. 
 
Investors are also eyeing Q3 GDP data, to be released tomorrow. Market sentiment was bolstered after a Morgan Stanley report said India&#39;s economic recovery is expected to have gathered momentum and GDP growth for the December quarter is likely to have accelerated to 7 per cent, broker said.

Benchmark BSE Sensex advanced by 132.64 points, or 0.38 per cent, to 34,578.39 in early session today.

The gauge has gained 626.25 points in the previous two sessions.

All sectoral indices were trading in the green, led by gains in oil and gas, consumer durables, auto, banking, power, PSU, metals, FMCG and healthcare counters.

The NSE Nifty50 reclaimed the 10,600-mark, by rising 32.65, or 0.30 per cent, to 10,615.25.

On a net basis, DIIs bought shares worth Rs 1,409.45 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 1,119.51 crore yesterday, provisional data released by stock exchanges showed.

Top gainers included Yes Bank, RIL, ONGC, TCS, Dr Reddy&#39;s, Asian Paints, M&amp;M, Wipro, HDFC Bank and Coal India, rising up to 1.75 per cent.

Meanwhile, shares of Punjab National Bank today slumped as much as 9 per cent to touch its 52 week low level in morning trade after the lender said the amount of fraudulent transactions could be as much as Rs 12,700 crore.

Gitanjali gems, too, cracked nearly 5 per cent.

Overseas, Asian shares were trading higher following gains on Wall Street overnight ahead of Fed chair Jerome Powell&#39;s first congressional testimony later in the day.

Japan&#39;s Nikkei gained 1.39 per cent, Hong Kong&#39;s Hang Seng was up 0.06 per cent, while Shanghai Composite was down 0.97 per cent in early trading today.

The US Dow Jones Industrial Average ended 1.58 per cent higher yesterday on fall in US bond yields.&nbsp;

The Sensex rose 132 points in early trade today

The benchmark BSE Sensex gained over 132 points to 34,578.39 in early trade today, rising for the third straight session today on buying by domestic institutional investors (DIIs) amid strong global cues. Investors are also eyeing Q3 GDP data, to be released tomorrow. Market sentiment was bolstered after a Morgan Stanley report said India's economic recovery is expected to have gathered momentum and GDP growth for the December quarter is likely to have accelerated to 7 per cent, broker said. Benchmark BSE Sensex advanced by 132.64 points, or 0.38 per cent, to 34,578.39 in early session today. The gauge has gained 626.25 points in the previous two sessions. All sectoral indices were trading in the green, led by gains in oil and gas, consumer durables, auto, banking, power, PSU, metals, FMCG and healthcare counters. The NSE Nifty50 reclaimed the 10,600-mark, by rising 32.65, or 0.30 per cent, to 10,615.25. On a net basis, DIIs bought shares worth Rs 1,409.45 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 1,119.51 crore yesterday, provisional data released by stock exchanges showed. Top gainers included Yes Bank, RIL, ONGC, TCS, Dr Reddy's, Asian Paints, M&M, Wipro, HDFC Bank and Coal India, rising up to 1.75 per cent. Meanwhile, shares of Punjab National Bank today slumped as much as 9 per cent to touch its 52 week low level in morning trade after the lender said the amount of fraudulent transactions could be as much as Rs 12,700 crore. Gitanjali gems, too, cracked nearly 5 per cent. Overseas, Asian shares were trading higher following gains on Wall Street overnight ahead of Fed chair Jerome Powell's first congressional testimony later in the day. Japan's Nikkei gained 1.39 per cent, Hong Kong's Hang Seng was up 0.06 per cent, while Shanghai Composite was down 0.97 per cent in early trading today. The US Dow Jones Industrial Average ended 1.58 per cent higher yesterday on fall in US bond yields.

Sensex extends rally, Nifty climbs over 10,600

The dollar rose to its highest level in two weeks on Thursday over the optimism about the United States would successfully push through tax reforms, while world shares rebounded after two straight days of losses.

The U.S. currency slipped against the safe-haven, Japanese yen on Wednesday after U.S. President Donald Trump said he would recognize Jerusalem as the capital of Israel - a move that imperiled Middle East peace efforts and provoked widespread condemnation.&nbsp;But amidst a broader climb in global stocks on Thursday, the greenback rose 0.3 percent against the yen to trade at 112.60 yen and hit a two-week high against a basket of peers.

The MSCI World Index, which tracks shares in 47 countries, was up 0.1 percent.&nbsp;Underpinning some of the dollar&#39;s gains analysts said was some cautious optimism on progress over U.S. tax reforms.&nbsp;

U.S. Senate Republicans agreed to talks with the House of Representatives on sweeping tax legislation on Wednesday, amid early signs that lawmakers could bridge their differences and agree on a final bill ahead of a self-imposed December 22 deadline.

&quot;The dollar is fighting back a little bit but there&#39;s still some caution, as it could still be a few weeks until we know the outcome of the tax reform bill&quot;, said Rabobank currency strategist Jane Foley, in London. She further added, &quot;The yen will be sensitive if geopolitical tensions rise again, and I think there&#39;s an inevitability to that, so I don&#39;t think there&#39;s going to be too much upside for dollar/yen in this environment&quot;.

Upbeat U.S. private-sector employment data released on Wednesday also provided some support to the dollar. But strategists said the currency would trade in narrow ranges until the release of the closely watched non-farm payrolls report on Friday.&nbsp;Bitcoin soared to a record high of more than $14,500, up almost 7 percent on the day and continuing a staggering surge from less than $1,000 at the beginning of the year.

Stock Recover

European stock markets appeared to take their cues from a general recovery in tech stocks overnight in Asia and Wall Street.&nbsp;The pan-European STOXX 600 was up 0.2 percent with tech stocks initially up 0.5 percent. Financials, industrials, and healthcare shares also added points to the index.

&quot;We have seen some aggressive moves in Asia, whereas Europe seems to be a bit more subdued&quot;, said David Madden, an analyst at CMC Markets in London. He further said, &quot;It&#39;s almost like European markets look for an excuse to selloff but it takes them a lot to be convinced to actually push higher&quot;.

Shares in the energy sector, which weighed on shares earlier in Wall Street and Asia, rose in Europe, as oil prices recovered from a big fall on Wednesday.&nbsp;U.S. West Texas Intermediate crude futures traded at $56.13 per barrel in European trade, up 0.3 percent on the day.&nbsp;Brent futures gained 0.4 percent to $61.45 per barrel.

MSCI&#39;s broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent as some technology bellwethers rebounded, with Tencent rising over 3 percent and Alibaba more than 2 percent.&nbsp;In Japan, the Nikkei jumped 1.5 percent, recouping much of its 2.0 percent loss the previous day, which was its biggest fall since late March.

The price of copper, seen as a barometer of global economic health because of its extensive industrial use, also fell sharply earlier this week, raising worries about the world growth outlook.&nbsp;Copper traded at $6,576 a tonne, up 0.5 percent on the day and above a two-month low of $6,507.5 touched on Tuesday.&nbsp;

European stock markets made general recovery in tech stocks overnight

The dollar rose to its highest level in two weeks on Thursday over the optimism about the United States would successfully push through tax reforms, while world shares rebounded after two straight days of losses. The U.S. currency slipped against the safe-haven, Japanese yen on Wednesday after U.S. President Donald Trump said he would recognize Jerusalem as the capital of Israel - a move that imperiled Middle East peace efforts and provoked widespread condemnation. But amidst a broader climb in global stocks on Thursday, the greenback rose 0.3 percent against the yen to trade at 112.60 yen and hit a two-week high against a basket of peers. The MSCI World Index, which tracks shares in 47 countries, was up 0.1 percent. Underpinning some of the dollar's gains analysts said was some cautious optimism on progress over U.S. tax reforms. U.S. Senate Republicans agreed to talks with the House of Representatives on sweeping tax legislation on Wednesday, amid early signs that lawmakers could bridge their differences and agree on a final bill ahead of a self-imposed December 22 deadline. "The dollar is fighting back a little bit but there's still some caution, as it could still be a few weeks until we know the outcome of the tax reform bill", said Rabobank currency strategist Jane Foley, in London. She further added, "The yen will be sensitive if geopolitical tensions rise again, and I think there's an inevitability to that, so I don't think there's going to be too much upside for dollar/yen in this environment". Upbeat U.S. private-sector employment data released on Wednesday also provided some support to the dollar. But strategists said the currency would trade in narrow ranges until the release of the closely watched non-farm payrolls report on Friday. Bitcoin soared to a record high of more than $14,500, up almost 7 percent on the day and continuing a staggering surge from less than $1,000 at the beginning of the year. Stock Recover European stock markets appeared to take their cues from a general recovery in tech stocks overnight in Asia and Wall Street. The pan-European STOXX 600 was up 0.2 percent with tech stocks initially up 0.5 percent. Financials, industrials, and healthcare shares also added points to the index. "We have seen some aggressive moves in Asia, whereas Europe seems to be a bit more subdued", said David Madden, an analyst at CMC Markets in London. He further said, "It's almost like European markets look for an excuse to selloff but it takes them a lot to be convinced to actually push higher". Shares in the energy sector, which weighed on shares earlier in Wall Street and Asia, rose in Europe, as oil prices recovered from a big fall on Wednesday. U.S. West Texas Intermediate crude futures traded at $56.13 per barrel in European trade, up 0.3 percent on the day. Brent futures gained 0.4 percent to $61.45 per barrel. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent as some technology bellwethers rebounded, with Tencent rising over 3 percent and Alibaba more than 2 percent. In Japan, the Nikkei jumped 1.5 percent, recouping much of its 2.0 percent loss the previous day, which was its biggest fall since late March. The price of copper, seen as a barometer of global economic health because of its extensive industrial use, also fell sharply earlier this week, raising worries about the world growth outlook. Copper traded at $6,576 a tonne, up 0.5 percent on the day and above a two-month low of $6,507.5 touched on Tuesday.

Dollar hits two-week high on US tax reform optimism, world shares climb

Bitcoin broke through the US&nbsp;$10,000 barrier for the first time today as it continues a stratospheric rise that has delighted investors but sparked fears of a bubble.

The virtual currency hit a high of US&nbsp;$10,379 in Asia, according to Bloomberg News, more than 10 times higher than its value at the start of the year.

The breakthrough is the latest in a spectacular run for the online money dubbed &quot;digital gold&quot; by its advocates, which began life in 2009 as a bit of encrypted software supposedly written by an unknown coder with a Japanese-sounding name.

Bitcoin, which was valued at just a few US cents when it was launched, has no legal exchange rate, no central bank backing it and is traded on specialist platforms.

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&mdash; AFP news agency (@AFP) <a href="https://twitter.com/AFP/status/935827282165489665?ref_src=twsrc%5Etfw">November 29, 2017</a></blockquote>
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But it quickly gained popularity as an alternative to traditional investments, while it has been used to pay for items from a pint in a London pub to a manicure.

The virtual currency has attracted as much anger as praise, however, with the boss of JP Morgan Chase labelling it a fraud and governments like China and South Korea have expressed concerns.

It got a major boost last month when exchange giant CME Group announced it would launch a futures marketplace for Bitcoin, which has not been listed on a major bourse before.

The announcement sparked a surge in its value -- it has risen 45 per cent in the past two weeks alone.

But the spectacular rate of growth, which has seen it increase in value from a 2017 low of USD 752 in mid-January, has also triggered concerns, and critics note the currency has suffered wild swings in the past.

&quot;This is a bubble and there is a lot of froth. This is going to be the biggest bubble of our lifetimes,&quot; warned hedge fund manager Mike Novogratz at a cryptocurrency conference yesterday in New York, according to Bloomberg News.

Other commentators were more positive about Bitcoin, saying its surging popularity will attract cash from traditional investors, such as hedge funds and asset managers.

&quot;I think the momentum is still very much to the upside,&quot; Kay Van-Petersen, macro and crypto strategist with Saxo Bank in Singapore, told AFP.

He said it could still suffer pullbacks, but predicted it would be worth USD 50,000 to USD 100,000 in the next six to 18 months.

Transactions happen when heavily encrypted codes are passed across a computer network.

Bitcoin and other virtual currencies use blockchain, which records transactions that are updated in real time on an online ledger and which are maintained by a network of computers.

Hundreds of other digital currencies have been created since its launch, but Bitcoin remains by far the most popular.

Bitcoin has suffered controversies.

In one of the most high-profile, major Tokyo-based Bitcoin exchange MtGox collapsed in 2014 after admitting that 850,000 coins -- worth around US&nbsp;$480 million at the time -- had disappeared from its vaults.

Bitcoin&#39;s use on the underground Silk Road website, where users could use it to buy drugs and guns, was also presented as proof it was a bad thing.

While analysts expect the currency to suffer falls, they expect it will prosper in the long term and see the CME launch as the next big test.

&quot;If it survives the CME, there is no reason why it won&#39;t continue to rise higher,&quot; Greg McKenna, from Australia-based AxiTrader, told AFP.

The virtual currency continues its stratospheric rise that has delighted investors but sparked fears of a bubble

Bitcoin broke through the US $10,000 barrier for the first time today as it continues a stratospheric rise that has delighted investors but sparked fears of a bubble. The virtual currency hit a high of US $10,379 in Asia, according to Bloomberg News, more than 10 times higher than its value at the start of the year. The breakthrough is the latest in a spectacular run for the online money dubbed "digital gold" by its advocates, which began life in 2009 as a bit of encrypted software supposedly written by an unknown coder with a Japanese-sounding name. Bitcoin, which was valued at just a few US cents when it was launched, has no legal exchange rate, no central bank backing it and is traded on specialist platforms. Bitcoin breaks above the $10,000 mark but analysts warn of bubble pic.twitter.com/OFbp3dPLE5 — AFP news agency (@AFP) November 29, 2017 × But it quickly gained popularity as an alternative to traditional investments, while it has been used to pay for items from a pint in a London pub to a manicure. The virtual currency has attracted as much anger as praise, however, with the boss of JP Morgan Chase labelling it a fraud and governments like China and South Korea have expressed concerns. It got a major boost last month when exchange giant CME Group announced it would launch a futures marketplace for Bitcoin, which has not been listed on a major bourse before. The announcement sparked a surge in its value -- it has risen 45 per cent in the past two weeks alone. But the spectacular rate of growth, which has seen it increase in value from a 2017 low of USD 752 in mid-January, has also triggered concerns, and critics note the currency has suffered wild swings in the past. "This is a bubble and there is a lot of froth. This is going to be the biggest bubble of our lifetimes," warned hedge fund manager Mike Novogratz at a cryptocurrency conference yesterday in New York, according to Bloomberg News. Other commentators were more positive about Bitcoin, saying its surging popularity will attract cash from traditional investors, such as hedge funds and asset managers. "I think the momentum is still very much to the upside," Kay Van-Petersen, macro and crypto strategist with Saxo Bank in Singapore, told AFP. He said it could still suffer pullbacks, but predicted it would be worth USD 50,000 to USD 100,000 in the next six to 18 months. Transactions happen when heavily encrypted codes are passed across a computer network. Bitcoin and other virtual currencies use blockchain, which records transactions that are updated in real time on an online ledger and which are maintained by a network of computers. Hundreds of other digital currencies have been created since its launch, but Bitcoin remains by far the most popular. Bitcoin has suffered controversies. In one of the most high-profile, major Tokyo-based Bitcoin exchange MtGox collapsed in 2014 after admitting that 850,000 coins -- worth around US $480 million at the time -- had disappeared from its vaults. Bitcoin's use on the underground Silk Road website, where users could use it to buy drugs and guns, was also presented as proof it was a bad thing. While analysts expect the currency to suffer falls, they expect it will prosper in the long term and see the CME launch as the next big test. "If it survives the CME, there is no reason why it won't continue to rise higher," Greg McKenna, from Australia-based AxiTrader, told AFP.

Bubble or brave new world? Bitcoin breaks US $10,000 barrier

The dollar gained Wednesday after the Federal Reserve signaled it was on track to gradually lift interest rates, raising expectations it will again act in June.

The wording of the Fed&#39;s policy statement strengthens the prospect of two more increases in the benchmark lending rate this year, boosting the dollar against the euro and other major currencies.

Global equity markets were mixed. The Dow finished slightly higher, while the S&amp;P 500 and Nasdaq both fell modestly. Frankfurt rose modestly, while London and Paris dipped.

The Fed gave a generally upbeat outlook on the US economy, saying that some weak data in the first quarter were &quot;likely to be transitory&quot; and predicting that economic activity would expand &quot;at a moderate pace.&quot;

Several analysts said the statement clears the way for the US central bank to lift rates next month, although that partly depends on US data. A key release comes Friday with issuing of the US jobs report for April.

&quot;Given the tone of the statement, we believe the bar for inaction in June is high,&quot; a note from Barclays said. &quot;The committee seems eager to look through any weakness and has, at long last, reached a consensus, in our view, that a gradual pace of rate hikes this year is warranted.&quot;

The euro was down against the dollar ahead of Sunday&#39;s second round of France&#39;s presidential election, in which moderate Emmanuel Macron is expected to beat his far-right, anti-EU opponent Marine Le Pen. The two candidates traded insults in a heated TV debate on Wednesday ahead of this weekend&#39;s runoff.

Crude prices remained under pressure after the US government reported a much smaller fall in oil stocks than analysts had expected.

In earnings news, Apple shed 0.3 percent after reporting a 4.9 per cent rise in second-quarter profit to $11 billion. But iPhone sales came in slightly lower than in the year-ago period.

Media shares fell sharply following results from Time Warner that were generally strong, but included disappointing advertising revenue at its Turner broadcasting division. Analysts worry that the growth of streaming services is hitting broadcasting profits.

Disney lost 2.4 per cent, Twenty-First Century Fox, 5.1 per cent and Viacom, 7.3 per cent. All three will report earnings in the coming days.

French oil giant Total meanwhile lost the top market capitalization spot in the Paris CAC 40 index on Wednesday, making way for the luxury behemoth LVMH.

Key figures around 2100 GMT

New York - Dow: UP less than 0.1 per cent at 20,957.90 (close)

New York - S&amp;P 500: DOWN 0.1 per cent at 2,388.13 (close)

New York - Nasdaq: DOWN 0.4 per cent at 6,072.55 (close)

London - FTSE 100: DOWN 0.2 per cent at 7,234.53 points(close)

Frankfurt - DAX 30: UP 0.2 per cent at 12,527.84 (close)

Paris - CAC 40: DOWN 0.1 per cent at 5,301.00 (close)

EURO STOXX 50: UP 0.2 per cent at 3,586.25

Shanghai - Composite: DOWN 0.3 per cent at 3,135.35 (close)

Tokyo - Nikkei 225: Closed for holiday

Hong Kong - Hang Seng: Closed for holiday

Euro/dollar: DOWN at $1.0887 from $1.0925 at 2050 GMT

Pound/dollar: DOWN at $1.2873 from $1.2932&nbsp;

Dollar/yen: UP at 112.67 yen from 112.04 yen

Oil - Brent North Sea: UP 33 cents at $50.79 per barrel

Oil - West Texas Intermediate: UP 16 cents at $47.82 per barrel&nbsp;

(Reuters) 
&nbsp;

The wording of the Fed's policy statement strengthens the prospect of two more increases in the benchmark lending rate this year

The dollar gained Wednesday after the Federal Reserve signaled it was on track to gradually lift interest rates, raising expectations it will again act in June. The wording of the Fed's policy statement strengthens the prospect of two more increases in the benchmark lending rate this year, boosting the dollar against the euro and other major currencies. Global equity markets were mixed. The Dow finished slightly higher, while the S&P 500 and Nasdaq both fell modestly. Frankfurt rose modestly, while London and Paris dipped. The Fed gave a generally upbeat outlook on the US economy, saying that some weak data in the first quarter were "likely to be transitory" and predicting that economic activity would expand "at a moderate pace." Several analysts said the statement clears the way for the US central bank to lift rates next month, although that partly depends on US data. A key release comes Friday with issuing of the US jobs report for April. "Given the tone of the statement, we believe the bar for inaction in June is high," a note from Barclays said. "The committee seems eager to look through any weakness and has, at long last, reached a consensus, in our view, that a gradual pace of rate hikes this year is warranted." The euro was down against the dollar ahead of Sunday's second round of France's presidential election, in which moderate Emmanuel Macron is expected to beat his far-right, anti-EU opponent Marine Le Pen. The two candidates traded insults in a heated TV debate on Wednesday ahead of this weekend's runoff. Crude prices remained under pressure after the US government reported a much smaller fall in oil stocks than analysts had expected. In earnings news, Apple shed 0.3 percent after reporting a 4.9 per cent rise in second-quarter profit to $11 billion. But iPhone sales came in slightly lower than in the year-ago period. Media shares fell sharply following results from Time Warner that were generally strong, but included disappointing advertising revenue at its Turner broadcasting division. Analysts worry that the growth of streaming services is hitting broadcasting profits. Disney lost 2.4 per cent, Twenty-First Century Fox, 5.1 per cent and Viacom, 7.3 per cent. All three will report earnings in the coming days. French oil giant Total meanwhile lost the top market capitalization spot in the Paris CAC 40 index on Wednesday, making way for the luxury behemoth LVMH. Key figures around 2100 GMT New York - Dow: UP less than 0.1 per cent at 20,957.90 (close) New York - S&P 500: DOWN 0.1 per cent at 2,388.13 (close) New York - Nasdaq: DOWN 0.4 per cent at 6,072.55 (close) London - FTSE 100: DOWN 0.2 per cent at 7,234.53 points(close) Frankfurt - DAX 30: UP 0.2 per cent at 12,527.84 (close) Paris - CAC 40: DOWN 0.1 per cent at 5,301.00 (close) EURO STOXX 50: UP 0.2 per cent at 3,586.25 Shanghai - Composite: DOWN 0.3 per cent at 3,135.35 (close) Tokyo - Nikkei 225: Closed for holiday Hong Kong - Hang Seng: Closed for holiday Euro/dollar: DOWN at $1.0887 from $1.0925 at 2050 GMT Pound/dollar: DOWN at $1.2873 from $1.2932 Dollar/yen: UP at 112.67 yen from 112.04 yen Oil - Brent North Sea: UP 33 cents at $50.79 per barrel Oil - West Texas Intermediate: UP 16 cents at $47.82 per barrel (Reuters)

Dollar gains as Fed stays on track for gradual rate hikes

Gold gave up most of its gains on Tuesday after soaring to a near two-year peak in the previous session, as the market pulled back with the yellow metal failing to break a key resistance level. 
 
Spot gold was down 0.6 per cent at $1,346.60 an ounce as of 0430 GMT. Bullion touched a peak of $1,357.60 an ounce on Monday, less than $1 below a two-year high hit on June 24. 
 
Further, US gold was up 0.6 per cent at $1,346.40. 
 
Technical charts show spot gold may retrace towards a support at $1,323 per ounce, as it failed to break a resistance at $1,351, said Wang Tao, a Reuters market analyst for commodities and energy technicals. 
 
Silver fell more than 3 per cent at one point to $19.548, before paring losses to trade 1.6 per cent lower at $19.98 an ounce. It had jumped as much as 7 per cent, breaking above $21 an ounce for the first time in two years, in the previous session. 
 
&quot;The precious metals had a very strong upside momentum in the past few sessions after the Brexit referendum. Some kind of pullback in the current market conditions seems justified,&quot; said Mark To, head of research at Hong Kong&#39;s Wing Fung Financial Group. 
 
&quot;It could be a very short-term correction,&quot; he said.&nbsp; 
 
Gold, which has risen about 27 per cent so far this year, has gained 8 per cent since the Brexit vote as global stock markets plunged on economical and political uncertainties. 
 
Analysts said central bank decisions, especially those of the US Federal Reserve, will be a major determinant for gold, which is often perceived as a hedge against economic and financial risk. 
 
Britain&#39;s vote to leave the European Union (EU) has ramped up the urgency for some Asian central banks to ease monetary policy, as a prolonged period of uncertainty threatens a wider downshift in trade and investment. 
 
&quot;The collective bias towards renewed easing is going to be supportive for the precious group, going into July, particularly for gold and silver, while platinum and palladium will also be pulled higher,&quot; INTL FCStone analyst Edward Meir said in a note. 
 
Asian shares snapped a five-session winning streak on Tuesday as investors took stock of a rally driven by hopes that central banks will provide more stimulus to offset a likely downturn triggered by Brexit. 
 
The US dollar index, which tracks the greenback against a basket of six rival currencies, remained steady at 95.61. 
 
Among other precious metals, platinum fell 1.2 per cent to $1,052.25 an ounce. 
 
Palladium, which fell over 4 per cent earlier in the session, was on track to register its biggest single-day loss since May 9. It was last down 3.3 per cent to $593.60. 
 
(Reuters)

Gold, which has risen about 27 per cent so far this year, has gained 8 per cent since the Brexit vote

Gold gave up most of its gains on Tuesday after soaring to a near two-year peak in the previous session, as the market pulled back with the yellow metal failing to break a key resistance level. Spot gold was down 0.6 per cent at $1,346.60 an ounce as of 0430 GMT. Bullion touched a peak of $1,357.60 an ounce on Monday, less than $1 below a two-year high hit on June 24. Further, US gold was up 0.6 per cent at $1,346.40. Technical charts show spot gold may retrace towards a support at $1,323 per ounce, as it failed to break a resistance at $1,351, said Wang Tao, a Reuters market analyst for commodities and energy technicals. Silver fell more than 3 per cent at one point to $19.548, before paring losses to trade 1.6 per cent lower at $19.98 an ounce. It had jumped as much as 7 per cent, breaking above $21 an ounce for the first time in two years, in the previous session. "The precious metals had a very strong upside momentum in the past few sessions after the Brexit referendum. Some kind of pullback in the current market conditions seems justified," said Mark To, head of research at Hong Kong's Wing Fung Financial Group. "It could be a very short-term correction," he said. Gold, which has risen about 27 per cent so far this year, has gained 8 per cent since the Brexit vote as global stock markets plunged on economical and political uncertainties. Analysts said central bank decisions, especially those of the US Federal Reserve, will be a major determinant for gold, which is often perceived as a hedge against economic and financial risk. Britain's vote to leave the European Union (EU) has ramped up the urgency for some Asian central banks to ease monetary policy, as a prolonged period of uncertainty threatens a wider downshift in trade and investment. "The collective bias towards renewed easing is going to be supportive for the precious group, going into July, particularly for gold and silver, while platinum and palladium will also be pulled higher," INTL FCStone analyst Edward Meir said in a note. Asian shares snapped a five-session winning streak on Tuesday as investors took stock of a rally driven by hopes that central banks will provide more stimulus to offset a likely downturn triggered by Brexit. The US dollar index, which tracks the greenback against a basket of six rival currencies, remained steady at 95.61. Among other precious metals, platinum fell 1.2 per cent to $1,052.25 an ounce. Palladium, which fell over 4 per cent earlier in the session, was on track to register its biggest single-day loss since May 9. It was last down 3.3 per cent to $593.60. (Reuters)

Gold retreats from near two-year high, correction seen short-term

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