Meanwhile, market sentiments are hurt on concern that rising Covid-19 cases in India and lockdown restriction in some states may hurt economic recovery.
This comes amid a positive trend in domestic equities.
This came on the back of positive domestic equities
The Reserve Bank turned net seller of the US dollar in February 2021, offloading $1.219 billion in the spot market, RBI data showed on Monday
This came on the back of weakness in the greenback and positive domestic equities.
Spot gold was up 0.1% at $1,778.22 per ounce by 0707 GMT
Having exposure to international funds and gold is a must for those who have foreign currency-denominated goals
The country's foreign exchange reserves rose by USD 1.193 billion to reach USD 582.406 billion in the week ended April 16, RBI data showed on Friday.
Gold heads for weekly rise on subdued US Treasury yields, dollar
Spot gold was little changed at $1,792.66 per ounce by 0707 GMT
U.S. gold futures gained 0.5% to $1,786.90 per ounce.
The rupee plunged by 52 paise to close at 74.87 (provisional) against the US dollar on Monday amid a lacklustre trend in the domestic equities as investors fretted over the prospects of lockdown
Gold prices hit 7-week high on weak dollar, lower bond yields
This comes after it declined for two consecutive quarters
Improving risk appetite also helped
Easing crude oil prices helped too
Futures for Eurostoxx 50 and Germany's DAX started in negative territory
A stronger dollar pressures gold as the metal becomes expensive for buyers outside the United States
The domestic unit slipped to 75.13 versus the US dollar, a level seen in August last year
The rupee pared its initial gains to close down by 12 paise at 73.42 against the US currency on Tuesday amid concerns that rising COVID-19 cases and subsequent lockdowns in some states may hurt the economic recovery. Investors were also cautious ahead of the RBI policy statement to be released on Wednesday. Besides, gains in crude prices and a stronger dollar overseas weighed on the rupee sentiment. "Rupee continued to trade in a narrow range for the third successive session despite volatility in domestic equities. Market participants remain cautious ahead of the important RBI policy statement that will be released on Wednesday," Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services, said. The expectation is that the central bank could keep rates unchanged but commentary will be keenly watched that could trigger volatility for the currency, Somaiyaa said. "We expect the USDINR (Spot) to trade sideways with a positive bias and quote in the range of 73.20 and ..