The rupee value settled at 75.18 against the US Dollar, which is a three paise loss against the previous close. It ranged between the lowest of 75.15 and highest of 75.30. The rupee value has remained stable for the past few weeks despite the looming tensions around the globe.
INR/ USD- OPEC Eases Curbs on Oil Production
For the past five weeks, oil prices have remained stable at about USD 40- 45 per barrel. In a recent meeting, OPEC and other oil-producing countries have decided to reduce the supply curbs from August. Because of this, there was a fall in prices. Brent Crude fell by 35 cents and was at USD 43.44 at 08:52 GMT. WTI crude, on the other hand, fell by 49 cents and ended at USD 40.47 per barrel.
INR/USD- Gold Prices Marginally Decline as Dollar Gets Stronger
Spot gold was down by 0.3% to USD 1805.62 per ounce. US gold futures fell by 0.3% to Rs. 1807.90 per ounce. On the Multicommodity index, gold prices were down by 0.04% at Rs. 49, 137 per 10 grams at 9:20 IST. Gold still seems to be the go-to metal for traders, given that the global market is still volatile. The rising number of coronavirus cases and also increasing tensions between the US and China has made gold the go-to haven asset.
Int he Economic Times interview, Mr Ajith Mishra VP- Religare broking, said that the Indian market would take cues from the global market in the absence of local triggers. IT and private banking stocks helped the Sensex to end 420 points higher at 36471.68. The top index gainers were Infosys, Kotak, HCL tech and Nestle. The top index losers today were Tech Mahindra, ITC and the NTPC.