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The rupee ended steady today, after moving in a 2-3 paise band for a major part of trade, as dollar supply from foreign funds matched demand from state-run banks.

The spot rupee ended slightly lower at Rs 39.41per USD as against its previous close of Rs 39.40.

The widely traded 7.99%, 2017 paper closed lower at Rs 100.71 as against its previous close of Rs 100.78.

Jamal Mecklai, CEO, Mecklai Financial spoke exclusively on CNBC-TV18:

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Q: Take us through what are your findings?

A: There were three or four interesting points. One, as you know gold has been rising, oil has been rising, commodities have been rising over the last couple of years. So we were first looking to see whether this is all part of the same move. Now interestingly if you look at the real price that is the inflation-adjusted price of gold, it has not risen anywhere near as much as other commodities have risen. So the first findings that we have came up with which was a little surprising is that the gold rally is different from just a commodity rally.

Now in a sense this is not that surprising if you really think about it because gold is not a commodity. It is both a commodity and a monetary aggregate. So the second piece we looked at was, what is gold- what is the rise in gold telling us about inflation? It seems to me clearly that inflation is more of a threat than people on the ground are seeing. Oil prices are very high yet consumer prices have not shot higher as they had in the seventies and the early nineties.

So the way RBI is behaving, the way some of the other central banks are behaving is actually justified in terms of not letting interest rates come down that far. But the most interesting piece is that from the report is our sense that the dollar is going to actually surprise everybody by being strong next year. Most people seem to feel that with the housing crisis in the US really in pretty bad shape the Fed is going to keep cutting rates and the dollar of course is going to continue to fall.

My sense is when everybody believes something you have got to be very careful. So that�s really the picture that we came up with.

Q: Therefore what would your advice portfolio manager or a fund manager a person who can out his money in any asset- currency, dollar, gold- what should his balance be in 2008?

A: What I expect is going to happen is that there will be one more downward burst in the dollar. Now whether it will start next week, next month or two months down there still has to be one more major decline in the dollar after which the dollar will strengthen. So if you are real short-term and market savvy player I would actually punt on the dollar falling sharply in the short-term and then I would go long dollars against virtually everything.

The rupee hovered near three-week highs on Monday, supported by capital inflows, but gains were undone by the dollar's advances against the yen and caution over central bank intervention, dealers said. The partially convertible rupee ended at 39.40/41 per dollar, off an intraday high of 39.37, its highest since Nov. 21, and marginally weaker than the previous close of 39.395/405. A new report published today by Barclays Wealth, entitled Insights: The True Value of Wealth, reveals that more than a third (35 per cent) of respondents believe individuals need to have assets of at least $10 million (£5 million) to be considered wealthy. “This is the perceived level at which people believe they are truly wealthy as it gives them influence within their community and a greater sense of control over their own destiny,” said Satya Bansal, head of Barclays Wealth in India. “Being wealthy is about much more than what you can buy. Our research shows that wealthy individuals want to pursue personal goals such as philanthropic causes and influence change within their community.” Having liquid assets of $10 million (excluding one’s home) also gives people a sense of security and makes them feel protected from the hazards of the world, the report shows. Having this buffer means people with assets of at least $10 million act and enjoy their wealth differently from those whose assets fall below this threshold, according to the report. This level of wealth elevates their status so they behave more like people with assets of US$50 million, than people with US$5 million, the report reveals. A million dollars isn’t what it used to be The term “millionaire” – once almost a gold standard of wealth – has lost its cachet in a world that is experiencing a wealth boom. In the UK alone, there are more than 400,000 households with financial wealth in excess of US$ 1million and this figure will more than double to 940,000 households by 2016, according to Barclays Wealth’s research**. India has been amongst those at the vanguard of this growth trend after registering the world’s second fastest wealthy population growth rate, propelling the number of high net worth individuals in the country to cross the 100,000 mark, as per the World Wealth Report 2007. “Strengthening rupee, robust economic growth, sound financial markets along with gains in income and credit expansion have been the key drivers of growth in India’s wealthy population,” Mr. Bansal added. Even though more people are acquiring wealth, there has been an increase in the cost of goods and services that people want such as concierges, butlers and travel services together with commitments such as private school fees and health insurance. This is influencing the level of assets that people think they need to sustain their lifestyles. Wealth is more than money The report also shows that wealth is about more than simply money; it is about having a better quality of life. Across the globe, more than half of respondents say that wealth has given them more leisure time. Those in Hong Kong (81 per cent), France and Switzerland (each 79 per cent) are most likely to say that their wealth has allowed them more time for leisure pursuits. Wealth has also had a positive impact on people’s well-being with the majority of respondents saying it has increased their happiness. Europe scores highest, with 87 per cent of people living in Portugal and Italy, and 85 per cent of those in Spain, reporting a greater sense of happiness as a result of their wealth. “Universally, people tend to think about wealth in terms of assets and monetary value,” says Mr. Bansal. “But being wealthy for people in India not just about the money. In Indian ethos, Wealth has been a symbol of power and a responsibility to do greater good.” Helping charitable organisations is particularly important to wealthier individuals. Support for charitable causes has long been part and parcel of being wealthy, and the report suggests this is strongest among the most affluent sections of society. When asked what proportion of their estate they planned to leave to charitable causes, a quarter (26 per cent) of respondents with assets under US$1m said that they planned to leave more than 10 per cent of their estate to charitable causes. This rose to more than one-third (37 per cent) for those respondents with wealth in excess of US$3m – each of whom would therefore be leaving a minimum of $300,000 to charity. The wealth treadmill Interestingly, the report shows that many high net worth individuals do not feel that they are truly wealthy because they compare themselves with people who have more money than them. This attitude is placing many people on a wealth treadmill, as they try to catch-up to their more prosperous peers. Some 69 per cent of those surveyed with assets of less than US$1m do not believe that they are wealthy. That compares with less than a quarter (22 per cent) of those with assets of more than US$3 million. The report is a global survey of 790 wealthy individuals[1], produced in partnership with the EIU that examines how wealthy individuals perceive and value wealth. It also considers the revolution in the luxury goods and services market as companies adapt their offerings to meet the demands of the wealthy. The report includes comments from a panel of experts drawn from academia, industry and financial circles who provide unique insights. RUPEE/GOLD/US DOLLAR FOREX EXCHANGE RATE INFORMATION AND NEWS It hit a near-decade high of 39.16 last month. "The market is building hopes of more inflows after the US rate cut this week," a trader with a state-run bank said. The Federal Reserve is widely expected to lower the key federal funds rate by 25 basis points to 4.25 per cent on Tuesday. It has lowered rates twice since mid-September. A US rate cut is likely to spur overseas investors to plough more money into high-yielding assets like the rupee that has gained over 12 per cent this year to be among Asia's best-performing currencies against the dollar. Foreign funds have bought Indian shares worth more than $500 million so far this month after remaining tepid in November, taking investments to $16.7 billion in 2007. The dollar was near a one-month high against the yen after stronger than expected US jobs data on Friday dampened expectations of a 50 basis points Fed rate cut. However, a $10 billion subprime writedown by UBS checked the US unit's gains later in the session. Traders said the central bank consistently bought dollars at 39.40 levels. The Reserve Bank of India has bought nearly $52 billion in the first nine months of this year in intervention, according to official data. Gold, silver prices improve in Delhi Gold and silver prices gained by a nominal Rs 15 per 10 gram and Rs 20 per kilo respectively in the bullion market on positive global trends. Standard gold and ornaments rose by Rs 15 each to Rs 10,310 per 10 gram and Rs 10,160 per 10 gram respectively. Sovereign also gained Rs 25 at Rs 8,650 per piece of eight gram. Similarly, silver ready traded higher by Rs 20 at Rs 18,920 (RPT) 18,920 per kilo. Silver weekly-based also went up by the same margin at Rs 19,170 per kilo. However, silver coins ruled flat at Rs 25,000 for buying and Rs 25,100 for selling of 100 coins. 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