Previously, the rupee value stood at 75.18. Following that, the rupee value strengthened against the dollar by 16 paise and ended the day at 75.02. The weakening of the US dollar and strengthening domestic equities can be attributed to this.
INR/USD- Oil Producers Worry About Second Wave
Recently, there was an easing of coronavirus restriction curbs. Accordingly, this led to worry among producers that the “second wave” of the coronavirus might negatively impact prices again. Nonetheless, there is hope as China, once the most infected country has now brought the second wave into control without much economic devastation.
Brent crude fell by 0.09% and ended the day at USD 43.33. On the other hand, WTI crude saw an increase of 0.25% and ended the day at USD 40.72.
INR/USD- Gold Gains Amidst a Strengthening Dollar
The dollar gained more than gold today. But, the rising coronavirus cases and tensions between the US and China still made the metal popular among traders. Yesterday, spot gold increased by 0.1% and, it ended at USD 1799.18 per ounce by 07:10 GMT. In India, gold was up by Rs. 43 to finish at Rs. 48, 816 per 10 grams. In the national capital, gold prices were down by Rs. 32 and were finally at Rs. 49, 986 per 10 grams according to HDFC securities.
Many companies put out high June quarter earnings, and this helped investors regain confidence in the equity market. The SENSEX ended 548 points higher at 37,020.14. It has ended on a high for the past five days now. Devin Choksey, Group MD, KR Choksey investment managers said that positive news about the new coronavirus vaccine would boost the market further. Infosys, Tech Mahindra, Axis Bank and Bajaj were the top gainers today. And, Bharthi Airtel, ITC and Kotak Bank were the top losers.