INR Depreciates Against USD as Global Economies Fall

Global economies suffered losses today on account of tensions building up between the US and China. US Dollar strengthened overseas against EURO, GBP and other currencies.

Indian Rupee lost grounds today and settled at 75.73 losing 64 paise. It rallied between 75.65 and 75.80 against US Dollar. Indian economy tracked a massive dump off in Indian equities due to rising cases of Coronavirus rapidly in the country.

Crude Oil Plummets

Global demand is expected to recover as many countries ease lockdown amid Coronavirus outbreak. The stockpiled up in storage areas and prices to remain low, analysts suggest. Goldman Sachs is positive for an increase in oil prices due to low production and partial recovery.

Brent Crude dropped by 3.3% or 86 cents to USD 25.58, while US WTI tanked by USD 1.57 to a total of USD 18.21 as of today. The Wall Street forecast a rise in 2021 to USD 55.63 per barrel as compared to USD 52.50 earlier. WTI estimation also increased from USD 48.50 earlier to USD 51.38 new provisional. Oil prices dropped today as tensions between the US and China rise over the origin and spread of Coronavirus.

Gold the Safe-haven

Gold saw a great hike in its demand and price in today’s session as investors’ seek to safe-haven amid the increasing tension between the US and China. Global economies suffered losses today.

Spot gold increased by 0.3% to USD 1703.77 per ounce, and US gold futures rose by 0.9% to USD 1715.20.

World economies minus India took specific measures by keeping interest rates to zero for providing aid to suffering businesses to restart and grow, thus bringing the economy back on track.

India Over China

India is providing lands to businesses and industries double the size for shifting from China. Officials say that around 4,61,589 hectares of land is proposed for this project. Indian PM, Mr. Modi is encouraging industrialists to change their base of operations from China to India due to spread of COVID-19 and production loss.

3 thoughts on “INR Depreciates Against USD as Global Economies Fall

Leave a Reply

Get Verified Suppliers of Rice, Wheat, Dry Fruits, Pulses and Other Grains