Gold falls as investors mull fate of U.S. government shutdown

Investing.com - Gold prices moved lower on Friday as investors avoided the precious metal as a government shutdown dragged on with no end in sight and left markets without a key indicator due for release.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,307.90 during U.S. afternoon hours, down 0.74%.

Gold prices hit a session low of USD1,306.40 a troy ounce and high of USD1,324.70 a troy ounce.

Gold futures were likely to find support at USD1,278.20 a troy ounce, Wednesday's low, and resistance at USD1,375.10, the high from Sept. 19.

The December contract settled down 0.23% at USD1,317.60 a troy ounce on Thursday.

An ongoing U.S. government shutdown prevented the Bureau of Labor Statistics from releasing the September jobs report on Friday.

Unemployment figures drive gold prices by giving markets indications as to when the Federal Reserve will begin unwinding stimulus measures, which have elevated prices for years by weakening the dollar.

Gold and the dollar tend to trade inversely with one another.

Elsewhere, many investors began to view the dollar as oversold and snapped up nicely priced greenback positions, which sent gold falling further.

Markets were also considering how the political deadlock will affect negotiations to raise the U.S. debt ceiling, which the U.S. Treasury Department has estimated will be reached by Oct. 17.

International Monetary Fund head Christine Lagarde said earlier that failure to raise the U.S. debt ceiling could hurt the global economy and warned U.S. growth could drop below 2% this year.

Elsewhere on the Comex, silver for December delivery was down 0.34% at USD21.712 a troy ounce, while copper for December delivery was up 1.01% and trading at USD3.302 a pound.

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Forex - Dollar makes cautious gains amid demand from bargain hunters

Investing.com - Bottom fishers snapped up nicely priced dollar positions on Friday amid sentiments that an ongoing U.S. government shutdown sent the greenback falling to attractively affordable levels.

In U.S. trading on Friday, EUR/USD was down 0.48% at 1.3553.

A U.S. government shutdown that began earlier this week due to congressional inability to agree on a spending package pushed the dollar down to levels ripe for bottom fishing on Friday.

The euro hit highs not seen since February earlier in recent sessions, further supporting views that the dollar was oversold in a session previously scheduled to see the release of the U.S. September jobs report.

The Bureau of Labor Statistics said on its web site that it was not collecting data, issuing reports, or responding to public inquiries due to suspension of federal services.

Markets were also mulling how the U.S. political deadlock will affect negotiations to raise the U.S. debt ceiling, which the U.S. Treasury Department has estimated will be reached by Oct. 17.

International Monetary Fund head Christine Lagarde said earlier that failure to raise the U.S. debt ceiling could hurt the global economy and warned U.S. growth could drop below 2% this year.

Supporting the dollar, however, was a Standard & Poor's report stating that the debt ceiling debate is unlikely to change its U.S. sovereign rating.

Meanwhile in the euro zone, official data earlier showed that Germany's producer price index fell 0.1% in August, defying expectations for a 0.1% rise after a 0.1% slip the previous month.

The greenback up against the pound, with GBP/USD down 0.81% at 1.6025.

In the U.K. on Thursday the Markit research firm said its services purchasing manager's index ticked down to 60.3 in September from 60.5 in August, better than expectations for a decline to 60.0.

A separate report showed that house price inflation in the U.K. rose 0.3% last month, confounding expectations for a 0.5% increase after a downwardly revised 0.3% uptick in August.

The tame data sparked a round of profit-taking that carried into Friday, as investors viewed the pound as due for a breather after hitting recent nine-month highs against the greenback.

The dollar was up against the yen, with USD/JPY up 0.15% at 97.41, and up against the Swiss franc, with USD/CHF up 0.87%at 0.9072.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.33% at 1.0298, AUD/USD up 0.36% at 0.9428 and NZD/USD trading up 0.36% at 0.8323.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.45% at 80.22.

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Forex - GBP/USD falls as lackluster reports prompt profit taking

Investing.com - The pound weakened against the dollar on Thursday after lackluster service-sector and housing data out of the U.K. sent investors selling sterling for profits.

In U.S. trading on Thursday, GBP/USD was trading at 1.6160, down 0.39%, up from a session low of 1.6156 and off from a high of 1.6241.

Cable was likely to find support at 1.6128, Monday's low, and resistance at 1.6260, Tuesday's high.

In the U.K. earlier, the Markit research firm said its services purchasing manager's index ticked down to 60.3 in September from 60.5 in August, albeit better than expectations for a decline to 60.0.

A separate report showed that house price inflation in the U.K. rose 0.3% last month, confounding expectations for a 0.5% increase after a downwardly revised 0.3% uptick in August.

The tame data sparked a round of profit-taking, as investors viewed the pound as due for a breather, especially after hitting nine-month highs against the greenback in recent sessions.

Meanwhile in the U.S., soft data dampened the dollar's advance.

The Institute of Supply Management reported earlier that its non-manufacturing purchasing manager's index fell to a three-month low of 54.4 in September from 58.6 in August.
Analysts were expecting the index to decline to 57.4 last month.

Separately, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending Sept. 28 rose by 1,000 to a seasonally adjusted 308,000, better than analysts' calls for jobless claims to rise by 6,000 to 313,000 last week.

Jobless claims for the preceding week were revised up to a gain of 307,000 from a previously reported increase of 305,000.

An ongoing U.S. government shutdown continued to dampen demand for the greenback.

President Barack Obama met with Republican and Democratic leaders in Congress on Wednesday, although a solution still seemed unlikely.

Markets were also considering how the political deadlock will affect negotiations to raise the U.S. debt ceiling, which the U.S. Treasury Department has estimated will be reached by Oct. 17.

The pound, meanwhile, was down against the euro and down against the yen, with EUR/GBP up 0.71% at 0.8430 and GBP/JPY down 0.49% at 157.17.

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U.S. stocks dip on Capitol shooting, shutdown jitters; Dow down 0.90%

Investing.com - U.S. stocks fell on Thursday after a shooting took place near Capitol Hill, which rattled nerves even though the event appeared to be an isolated incident.

A government shutdown entered its third day on Thursday, which also soured investors' appetite for stocks as did lukewarm U.S. data.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.90%, the S&P 500 index also fell 0.90%, while the Nasdaq Composite index fell 1.07%.

A woman reportedly driving a car with a child who tried to break through a barrier near the White House was reportedly killed near the Capitol in a police chase shortly afterwards.

The incidient involved multiple gunshots.

Stocks dropped amid concerns that the incident took place during a government shutdown, and while the shooting appeared to be an isolated event, prices remained lower as calm returned to Washington.

Elsewhere, the Institute of Supply Management reported that its non-manufacturing purchasing manager's index fell to a three-month low of 54.4 in September from 58.6 in August.

Analysts were expecting the index to decline to 57.4 last month.

Separately, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending Sept. 28 rose by 1,000 to a seasonally adjusted 308,000, better than analysts' calls for jobless claims to rise by 6,000 to 313,000 last week.

Jobless claims for the preceding week were revised up to a gain of 307,000 from a previously reported increase of 305,000.

An ongoing U.S. government shutdown continued to dampen stock prices.

President Barack Obama met with Republican and Democratic leaders in Congress on Wednesday, although a solution still seemed unlikely though House speaker John Boehner did say earlier the U.S. will not default on its debts.

Markets continued to fret the political deadlock will affect negotiations to raise the U.S. debt ceiling, which the U.S. Treasury Department has estimated will be reached by Oct. 17.

Leading Dow Jones Industrial Average performers included Verizon, up 0.47%, Merck, which was unchanged, and UnitedHealth Group, which was down 0.07%.

The Dow Jones Industrial Average's worst performers included Boeing, down 2.18%, Chevron, down 2.12%, and DuPont, down 2.07%.

European indices, meanwhile, finished largely lower.

After the close of European trade, the EURO STOXX 50 fell 0.58%, France's CAC 40 fell 0.73%, while Germany's DAX 30 fell 0.37%. Meanwhile, in the U.K. the FTSE 100 finished up 0.18%.

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Forex - USD/JPY drops on soft U.S. private-sector jobs report

Investing.com - The dollar fell against the yen on Wednesday after a U.S. private-sector jobs report came in weaker than expected and renewed expectations that the Federal Reserve will keep ultra-loose monetary policies in place for longer than once expected.

In U.S. trading on Wednesday, USD/JPY was trading at 97.40, down 0.64%, up from a session low of 97.15 and off a high of 98.09.

The pair was likely to find support at 96.82, the low from Aug. 27, and resistance at 98.72, Monday's high.

Payroll processing firm ADP said earlier that U.S. non-farm private employment rose by a seasonally adjusted 166,000 in September, missing expectations for an increase of 180,000.

July's figure was revised down to a gain of 159,000 from 176,000.

The numbers softened the greenback by keeping expectations alive that the Federal Reserve will continue stimulating the economy with its monthly USD85 billion in asset purchases — possibly through December — which weaken the dollar by driving down interest rates to spur recovery.

Elsewhere, a U.S. government shutdown ran into its second day on Wednesday due to an inability among lawmakers to approve a spending package.

Concerns the shutdown will mean the official September jobs report won't publish Friday pushed the ADP report into the limelight, weakening the dollar as the report became the de facto official data in the eyes of investors on Wednesday.

The yen, meanwhile, was up against the pound and down against the euro, with GBP/JPY down 0.48% and trading at 158.01 and EUR/JPY trading down 0.20% at 132.29.

The euro, meanwhile, found support after Italian Prime Minister Enrico Letta survived a vote of confidence in parliament on Wednesday after Silvio Berlusconi backtracked in his opposition to the coalition.

The single currency also rose after the European Central Bank left interest rates unchanged at 0.50%.

On Thursday, the U.S. is scheduled to release its weekly government report on initial jobless claims along with data on factory orders.

Meanwhile, the ISM is to produce a report on non-manufacturing activity, a leading economic indicator.

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U.S. stocks dip on government shutdown concerns, data; Dow down 0.39%

Investing.com - U.S. stocks fell on Wednesday on fears that a government shutdown due to an impasse over a spending package may linger due to proximity of upcoming debates in Congress to lift the government's debt ceiling.

Soft private-sector jobs data pushed down stock prices as well.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.39%, the S&P 500 index fell 0.07%, while the Nasdaq Composite index dipped 0.08%.

Payroll processing firm ADP said earlier that U.S. non-farm private employment rose by a seasonally adjusted 166,000 in September, missing expectations for an increase of 180,000.

July's figure was revised down to a gain of 159,000 from 176,000.

The numbers dampened stock prices by painting a picture of a sluggish U.S. recovery.

Separately, expectations that the Federal Reserve will continue stimulating the economy with its monthly USD85 billion in asset purchases due to a soft labor market — possibly through December — to offset a government shutdown curbed losses.

Stimulus programs drive down borrowing costs to spur recovery, which is bullish for stocks.

Elsewhere, the U.S. government shutdown ran into its second day on Wednesday due to an inability among lawmakers to approve a spending package.

Concerns the shutdown will mean the official September jobs report won't publish Friday pushed the ADP report into the limelight on Wednesday.

Adding to investors concerns were fears lawmakers won't agree on a spending package needed to fund the government due to the proximity of the debt-ceiling debates in mid-October, which also watered down prices.

Leading Dow Jones Industrial Average performers included Microsoft, up 1.22%, General Electric, up 0.58%, and DuPont, up 0.51%.

The Dow Jones Industrial Average's worst performers included United Technologies, down 2.25%, American Express, down 1.86%, and Coca-Cola, down 1.34%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 0.51%, France's CAC 40 fell 0.92%, while Germany's DAX 30 fell 0.69%. Meanwhile, in the U.K. the FTSE 100 finished down 0.35%.

On Thursday, the U.S. is scheduled to release its weekly government report on initial jobless claims along with data on factory orders. Meanwhile, the ISM is to produce a report on non-manufacturing activity, a leading economic indicator.

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Forex - Dollar softens on U.S. government shutdown, data support

Investing.com - The dollar moved lower against most major currencies on Tuesday after a government shutdown took effect earlier, though better-than-expected data cushioned the greenback's losses.

In U.S. trading on Tuesday, EUR/USD was up 0.06% at 1.3533.

The U.S. Congress on Monday failed to agree on a spending package due to disagreements over President Barack Obama's healthcare reform law, which prompted a partial government shutdown that began Tuesday, though many began to view the impasse as short-lived by afternoon trading.

The dollar softened in recent sessions on expectations of a shutdown and by Tuesday, many felt the event had already been priced into trading.

Many investors also shrugged off the closure on sentiments that similar impasses over the last two years have come and gone with politicians eventually finding a way out before the economy suffers lasting damage.

The dollar did weaken as market talk continued to persist that the Federal Reserve will keep its monthly USD85 billion bond-buying program in place to offset any damage the shutdown may inflict on recovery, though it failed to send investors fleeing the greenback in panic.

Fed asset purchases weaken the dollar by driving down interest rates to spur recovery, though solid economic indicators solidified expectations that Fed stimulus measures will begin taper soon, likely this year, which gave the dollar some support.

The Institute for Supply Management reported earlier that its manufacturing purchasing managers' index rose to 56.2 in September from 55.7 in August.

Analysts had expected the index to decline to 55.0.

On Monday, the Federal Reserve Bank of Dallas reported that its general business activity index increased to 12.8 in September from 5.0 in August, beating market calls to remain unchanged.

Separately, industry data revealed that Chicago purchasing managers' index hit 55.7 in September from 53.0 in August, beating analysts' calls for a 54.0 reading

The greenback was down against the pound, with GBP/USD up 0.12% at 1.6204.

Manufacturing activity in the U.K. slowed slightly in September but remained close to August's two-and-a-half year highs.

Markit said that its U.K. manufacturing PMI declined to 56.7 in September from a downwardly revised 57.1 in August. Analysts had expected the index to tick up to 57.3.

The dollar was down against the yen, with USD/JPY down 0.39% at 97.84, and flat against the Swiss franc, with USD/CHF unchanged at 0.9056.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.16% at 1.0325, AUD/USD up 0.73% at 0.9392 and NZD/USD trading down 0.36% at 0.8272.

The Australian dollar saw demand after the Reserve Bank of Australia left interest rates on hold at 2.5% on Tuesday and said the full effects of previous rate cuts were still coming through.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.15% at 80.21.

On Wednesday, the U.S. is to release the ADP report on private-sector nonfarm payrolls, which is often seen as a precursor to the closely watched government report on Friday.

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U.S. stocks shrug off government shutdown; Dow gains 0.41%

Investing.com - U.S. stocks rose on Thursday after investors shrugged off a government shutdown and applauded improving manufacturing data.

At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.41%, the S&P 500 index rose 0.80%, while the Nasdaq Composite index jumped 1.23%.

Despite a government shutdown that took effect earlier, stocks rose, mainly on expectations for an end to the fiscal impasse to come about soon.

Talk the shutdown may prompt the Federal Reserve to keep its monthly USD85 billion bond-buying program in place to offset any damage the shutdown may inflict on recovery boosted prices as well.

Still, lingering concerns the government may stay closed for politicians to debate spending as well as the government's debt ceiling later this month capped gains.

Congress must lift the government's debt ceiling to avoid default.

Many investors shrugged off the government closure on sentiments that similar impasses over the last two years have come and gone with politicians eventually finding a way out before the economy suffers lasting damage.

Still, better-than-expected manufacturing data allowed for a rather bullish sentiment during the trading day, the first of the month.

The Institute for Supply Management reported earlier that its manufacturing purchasing managers' index rose to 56.2 in September from 55.7 in August.

Analysts had expected the index to decline to 55.0.

On Monday, the Federal Reserve Bank of Dallas reported that its general business activity index increased to 12.8 in September from 5.0 in August, beating market calls to remain unchanged.

Separately, industry data revealed that Chicago purchasing managers' index hit 55.7 in September from 53.0 in August, beating analysts' calls for a 54.0 reading

In other news, Apple shares surged 2% on reports that billionaire investor Carl Icahn was pushing hard for a USD150 billion buyback.

Icahn met with Apple CEO Tim Cook on Monday.

Leading Dow Jones Industrial Average performers included Merck, up 2.00%, UnitedHealth Group, up 1.24%, and General Electric, up 0.79%.

The Dow Jones Industrial Average's worst performers included Wal-Mart Stores, down 0.74%, Intel, down 0.70%, and Cisco, down 0.60%.

European indices, meanwhile, finished largely higher.

After the close of European trade, the EURO STOXX 50 rose 1.18%, France's CAC 40 rose 1.28%, while Germany's DAX 30 rose 1.10%. Meanwhile, in the U.K. the FTSE 100 finished down 0.03%.

On Wednesday, the U.S. is to release the ADP report on private-sector nonfarm payrolls, which is often seen as a precursor to the closely watched government report on Friday.

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Gold falls on U.S. fiscal and monetary uncertainty

Investing.com - Gold prices edged lower on Monday as a U.S. government shutdown loomed large in afternoon trading, which repelled investors away from risk-on assets.

The dollar, which normally moves inversely with gold, headed lower earlier, though investors continued to steer clear of the yellow metal and favored the dollar somewhat on sentiments that when fiscal woes subside, the Federal Reserve will be closer to dismantling monetary stimulus programs.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,330.90 during U.S. afternoon hours, down 0.62%.

Gold prices hit a session low of USD1,323.20 a troy ounce and high of USD1,350.30 a troy ounce.

Gold futures were likely to find support at USD1,306.20 a troy ounce, Tuesday's low, and resistance at USD1,375.10, the high from Sept. 19.

The December contract settled up 1.14% at USD1,339.20 a troy ounce on Friday.

The U.S. Congress must approve a spending package by the end of the day to avoid a government shutdown, and waning faith for a last-minute deal steered investors away the dollar as well as from gold and into other safe-haven assets such as the yen earlier.

Congressional Republicans and Democrats continued to spar over President Barack Obama's healthcare law, a bargaining chip to fund a spending package to keep the government running.

Republicans oppose the president's healthcare reform and want it delayed in exchange for approving a spending deal, something many Democrats oppose.

Earlier Monday, President Barack Obama said he was not yet resigned to a government shutdown.

Elsewhere, the dollar took back some of its earlier losses on better-than-expected economic indicators, which boosted expectations for the Federal Reserve to begin tapering stimulus programs once fiscal jitters subside.

Fed asset purchases weaken the dollar by driving down interest rates to spur recovery, sending gold rising in the process.

The Federal Reserve Bank of Dallas reported earlier that its general business activity index increased to 12.8 in September from 5.0 in August, beating market calls for the index to remain unchanged.

Separately, industry data revealed that Chicago purchasing managers' index hit 55.7 in September from 53.0 in August, beating analysts' calls for a 54.0 reading
The data continued rekindled market expectations for the Federal Reserve to begin tapering its USD85 billion monthly bond-buying program this year, possibly later this month.

Elsewhere on the Comex, silver for December delivery was down 0.29% at USD21.767 a troy ounce, while copper for December delivery was down 0.26% and trading at USD3.321 a pound.

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Forex - Dollar softens but trims losses on U.S. government shutdown woes

Investing.com - The dollar softened against most major currencies on Monday though it trimmed earlier losses as investors continued to avoid the currency on fears that Congress will fail to pass a spending package and avoid a government shutdown.

In U.S. trading on Friday, EUR/USD was up 0.01% at 1.3523.

The U.S. Congress must approve a spending package by the end of the day to avoid a government shutdown, and waning faith for a last-minute deal steered investors away from the dollar and into other safe-haven assets such as the yen earlier.

Congressional Republicans and Democrats continued to spar over President Barack Obama's healthcare law, a bargaining chip to fund a spending package to keep the government running.

Republicans oppose the president's healthcare reform and want it delayed in exchange for approving a spending deal, something the Democratically controlled Senate rejected on Monday afternoon.

Still, the dollar reversed earlier losses and even inched up into positive territory at times on better-than-expected economic indicators, which boosted expectations for the Federal Reserve to begin tapering stimulus programs once fiscal jitters subside.

The Federal Reserve Bank of Dallas reported earlier that its general business activity index increased to 12.8 in September from 5.0 in August, beating market calls for the index to remain unchanged.

Separately, industry data revealed that the Chicago purchasing managers' index hit 55.7 in September from 53.0 in August, beating analysts' calls for a 54.0 reading

The data rekindled market expectations for the Federal Reserve to begin tapering its USD85 billion monthly bond-buying program this year, possibly later this month.

Fed asset purchases weaken the dollar by driving down interest rates to spur recovery, and talk of their dismantling can bolster the greenback.

Elsewhere, the euro found support on reports that Italy's Silvio Berlusconi was battling dissent within his own political party after he announced Saturday that he was pulling his ministers out of Prime Minister Enrico Letta's coalition government and called for fresh elections.

Prime Minister Letta is going before parliament for a vote of confidence on Wednesday and will need to secure a majority to remain on in government.

Separately, data released on earlier showed that the euro zone's consumer price index rose at the slowest pace since February 2010 in September, sliding to 1.1% from 1.3% in August, which capped the euro's advance against the greenback.
Analysts were expecting a 1.3% reading.

Core CPI, which excludes food, energy, alcohol, and tobacco costs slowed to 1.0% from 1.1% in August, missing market calls for an unchanged 1.1% reading.

The greenback was down against the pound, with GBP/USD up 0.30% at 1.6189.

The dollar was flat to lower against the yen, with USD/JPY down 0.03% at 98.22, and down against the Swiss franc, with USD/CHF trading down 0.23% at 0.9042.

The dollar was lower against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.04% at 1.0301, AUD/USD up 0.09% at 0.9324 and NZD/USD trading up 0.28% at 0.8305.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.05% at 80.32.

On Tuesday, the Institute of Supply Management is to produce a report on manufacturing activity, a leading economic indicator.

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Forex - EUR/USD down during the Asian session

Investing.com - The Euro was lower against the U.S. Dollar on Sunday.

EUR/USD was trading at 1.3483, down 0.28% at time of writing.

The pair was likely to find support at 1.3462, Wednesday's low, and resistance at 1.3564, Friday's high.

Meanwhile, the Euro was down against the British Pound and the Japanese Yen, with EUR/GBP shedding 0.30% to hit 0.8352 and EUR/JPY falling 0.79% to hit 131.78.

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Forex - USD/JPY down in Asian trade

Investing.com - The U.S. Dollar was lower against the Japanese Yen on Sunday.

USD/JPY was trading at 97.88, down 0.37% at time of writing.

The pair was likely to find support at 97.62, today's low, and resistance at 99.17, Tuesday's high.

Meanwhile, the U.S. Dollar was up against the Euro and down against the British Pound, with EUR/USD shedding 0.23% to hit 1.3492 and GBP/USD rising 0.05% to hit 1.6148.

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Fundamentals strong; growth to improve in second half: PM

Asserting that the fundamentals of the Indian economy are strong, Prime Minister Manmohan Singh has said GDP will improve in the second half of fiscal 2013-14 and that the government is commitment to get back to a sustainable growth rate of 8-9 percent.

Addressing investors here, Singh said the government will contain the fiscal deficit at 4.8 percent of GDP and work towards achieving the medium-term objective of reducing the current account deficit (CAD) to 2.5 percent of GDP.

"The results of our efforts will be visible in the second half of the year. We expect stronger growth in 2013-14 than in 2012-13. The second half of the year should see a distinct turnaround, partly because of the good monsoon and partly because of the steps we have taken," he said.

The Indian economy grew at a four-year low of 4.4 percent in the April-June quarter. In 2012-13, it clocked a decade low level of growth at 5 percent.

"It is a fact that our growth rate has slowed down. We grew at an average of about 8 percent for a decade. Last year, our growth rate dipped to 5 percent. To some extent, this reflects the slowdown in the global economy and in all emerging markets," Singh said.

The government, he said, is committed to getting India back to a sustainable growth path of 8-9 percent.

"The fundamentals of the Indian economy remain strong...Our forex reserves stand at over USD 270 billion and are more than sufficient to meet India's external financing requirements," Singh said.

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Heavy rainfall expected in north Gujarat, south Rajasthan

The withdrawal line of southwest monsoon continues to pass through Kalpa, Hissar, Jodhpur and Nalia. Isolated rain and thundershowers are expected to bring down temperatures in Jammu & Kashmir, Himachal Pradesh, Uttarakhand and Haryana. South and east Rajasthan is likely to receive light to moderate rain at few places, keeping the mercury near normal. A predominantly cloudy sky with chances of light rain will not allow the maximum temperature in the national capital to rise above 33 degrees.

The upper air cyclonic circulation  over  north Bay of Bengal and  neighbourhood  extending up to mid tropospheric levels still persists.  Under its influence, a low pressure area will develop over Bay of Bengal leading to thundershowers in West Bengal and Orrisa. Jharkhand and north eastern states may receive light to moderate rain. Temperatures are expected to drop by a couple of notches after 48 hours in the north eastern states.

An upper air cyclonic circulation still lies over north Gujarat and adjoining south Rajasthan, and is expected to bring heavy rainfall in this region. Day temperatures of Gujarat will rise significantly as rainfall succumbs. Chhattisgarh will also receive moderate rainfall in the next 24 hours.

The southern peninsula will remain mainly dry due to the absence of any significant low pressure system. Nevertheless, isolated light rain is a possibility in coastal Andhra Pradesh. Temperature will rise by a couple of degrees in coastal Andhra Pradesh. While, it will remain near normal in interior Karnataka and Tamil Nadu. Bangalore, as always will remain comfortable with maximum and minimum temperatures at 29 and 20 degrees respectively.

By: Skymetweather.com

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