USD/ INR: Indian Rupee Forex Report 07 April

USD/INR- The Indian Rupee plummets over 100 rupees today. Accordingly, it settled at 74.47 on 7 April. The fall in rupee value is mainly attributed to the surge in COVID-19 cases and RBI’s unchanged repo rates. The Indian rupee traded between 73.440 and 74.588 today. On the other hand, the dollar index fell today as well. Accordingly, its value decreased and settled at 92.21 as of 11:04 AM EDT Wednesday.

USD/ INR: Oil Prices

The US WTI crude oil prices decreased on Monday. However, with the ongoing oil demand concern and the growing coronavirus pandemic, it is highly uncertain. Also, recent studies predict that the oil demand will not reach the pre-crisis level until 2023. Accordingly, crude oil decreased by 1.18% at 8:47 PM on 7 April to trade at USD 58.89 per barrel globally. On the other hand, Brent Crude was set at USD 62.35 barrel and traded at a rate of 0.62% lower today.

USD/ INR- Gold Prices

Precious metal prices continue to rise today after falling last month amid the resurgence of COVID-19. Accordingly, gold futures increased by 1.00% or 461.00 Rupees to settle at 46380.00 per 10 grams on the multi-commodity exchange. Likewise, Silver futures increased by 682.00 Rupees or 0.56% to settle at Rs. 65,468.00 per kg. The resurgence of the COVID-19 pandemic and the COVID-19 mutants kept precious metals’ prices on edge this year. In the international market, Spot Gold was trading at USD 1739 per ounce in New York. On the other hand, Silver traded at USD 25.04 per ounce.

USD/ INR- Sensex Today

The BSE Sensex fell and ended in the green on April 7. Accordingly, Sensex increased by 0.94% or 460.37 points. Thereby ending the session at 49,661.76 at 4:10 PM IST Wednesday. Similarly, the NIFTY increased by 0.92% or 135.55 points and ended up at 14,819.05.

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