RTRS: India gold futures edge higher on weak rupee
MUMBAI, Oct 28 (Reuters) - India gold futures were slightly higher on Wednesday taking support from a weak rupee, making the dollar-quoted asset expensive, analysts said.
The most-traded gold December contract MAUZ9 on the Multi Commodity Exchange (MCX) was 0.20 percent higher at 15,889 rupees per 10 grams at 10:36 a.m.
The Indian rupee weakened to new three-week lows as a lower opening in the stock market raised worries of foreigners repatriating funds, while weaker Asian units added to the woes. [INR/]
"It should trade slightly higher and may be in the range of 15,800-15,945 rupees," said Gnanasekar Thiagarajan, director, Commtrendz Research.
Range seen is 15,500-15,920, said Aurobinda Prasad, deputy manager-research, Karvy Comtrade.
Open interest for December gold on MCX was at 12,905 lots, down from 12,917 a day earlier. Volume on Tuesday was 32.83 kg.
