Rupee devaluation witnessed during the day in the open market today has caused a surge in the price of bullion as the price of gold rose by Rs. 600 to reach Rs 59,800 per tola.

Rupee crossed the 130 rupee per dollar mark in the open market today and was trading at around 130.10 rupee per dollar.

Prices of gold in the domestic market have been rising owing to the currency depreciation on July 16, 2018 and its after effects whereas within the international market, gold prices have been declining since July 10th 2018 from $1258 per ounce to $1,225 per ounce at the time of writing of this article.

During the week, rupee lost its value by Rs. 6.94 against dollar as it reached Rs.128.5 per dollar in the interbank market.

22292