Indian Rupee saw a marginal increase in value today. There was a 0.31% increase from yesterday‘s value. Rupee ranged between the highest of 75.53 and the lowest at 75.28 as at 2.01 pm. The highest amount of rupee for this month has been 76.20. But the rupee is likely to stay weak until the pandemic crisis continues. This stands true for the currency of most emerging economies.
INR/USD- Crude Oil Prices Further Fall
Crude oil for August delivery was quoted 2.37% lower at Rs. 3010 per barrel. Brent oil futures traded at USD 42.28 per barrel indicating a fall by 44 cents. Today, West Texas Intermediate oil was trading at USD 39.57, which was 53 cents lower. The anticipation of new restrictions resulted in this fall in oil prices. The increase in cases in the US and Asia could impact this further. OPEC countries plan to increase the output from August, but we will have to wait and see how that shapes up.
INR/USD- Investors Favors the Dollar Over Gold
The tensions raging between the US and China and the growing pandemic maintains gold as the haven asset for investors. According to OANDA analyst, Craig Erlam, the dollar has been more favoured than gold as of late. US gold futures fell by 0.8% to USD 1799.60. In India, 24-carat gold came down to Rs. 4892 per gram, which is Rs. 8 less than yesterday.
A Quick Insight Into the SENSEX Stocks
At the end of the day, 19 out of 30 Sensex stocks ended in the green. The BSE Sensex plunged 660 points, and the NSE Nifty fell by 195 points. The plunge in Sensex could also be attributed to the rising cases and concomitant tensions between China and the US. Current catastrophe, along with rising tension, has left investors a bit nervy.