USD/ INR: Decrease in Value of Rupee

USD/INR- Following the gains in the past few days, the rupee value depreciated against the US Dollar today. It saw a decrease of 27 paise and was at 74.87 as of 7 PM IST. The domestic equities weakened after the Chinese consulate in Houston abruptly closed amidst rising tensions between the US and China.

USD/ INR- Oil Prices Rise as Dollar Weakens

Oil prices rose as the dollar weakened, but the increasing inventoried in the US and the spike in the number of COVID-19 cases still kept producers on edge. Adding to this unrest, the rising tensions between the United States and China has worried the producers. Today, the Brent futures increased by 0.8% and ended the day at USD 44.64 by 08:37 GMT. On the other hand, WTI crude also reduced by 0.8% and was at USD 42.22. 

USD/ INR- Gold and Silver Prices Increases Today as Well

Gold has been the go-to asset for investors when everything else seems volatile. Currently, the surging number of coronavirus cases, US-China tensions, volatility in the global markets, the expectation of more stimulus packages and the “safe haven” asset appeal has pushed gold prices to record highs. On the multi-commodity exchange, the August gold futures rose by 1% to end at Rs. 50,707 per 10 grams. In the international market, spot gold traded higher at USD 1,875 per ounce.

Silver futures also increased by 0.47% to Rs. 62,200 per kg. This is the highest it has been in the past seven years.

USD/ INR- Sensex Today

The Indian equity market gained today after a day in the red. There was a 268.95 points rise in the Sensex, and it was at 38,140.47 by 3:40 PM IST. Likewise, Nifty also saw an increase of 82.85 points and settled at 11,215.45. Energy and pharma shares performed well for the second consecutive day.

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