USD/INR- The Indian Rupee value fell again at the beginning of the week and is trading at the 75 range. Accordingly, it settled at 75.11 on 22 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 74.845 and 75.439today. On the other hand, the dollar index decreased today. Accordingly, its value fell and settled at 91.24 as of 9:33 PM EDT Thursday.
Why is the Rupee Value Plummeting in the Recent Past ?
In a matter of 3 weeks, the rupee has dropped down over 4.3%, making the Rupee one of the biggest loser. Alongside the Indian rupee, Turkish new Lira, Brazilian real, Russian Ruble, Thai Baht, and Indonesian Rupiah have lost value against the US Dollar. As mentioned earlier, the two main reasons for the fall in Rupee is the growing COVID-19 concern and RBI’s monetary policy. Also, the concerns over the pace at which the economy is recovering have affected the Rupee. Further, the positive growth pattern of the US Dollar has put pressure on the Indian currency. In addition to that, the RBI’s G-SAP programme for liquidation tumbles the currency. Another final factor is the foreign investor pull out that dwindles support and attributes to the fall.
USD/ INR: Oil Prices
The US WTI crude oil prices increased on Wednesday after falling for the past two days. However, with the ongoing oil demand concern and the growing coronavirus pandemic, it is highly uncertain. Also, recent studies predict that small companies are rushing to stock up Big Oil’s Assets aiming for long term benefits. Accordingly, crude oil increased by 0.46% at 8:25 PM on 22 April to trade at USD 61.73 per barrel globally. At the same time, Brent Crude was set at USD 65.63 per barrel and traded at a rate of 0.35% higher today.
USD/ INR- Gold Prices
Precious metal prices remain uncertain amid the resurgence of COVID-19. Accordingly, gold futures decreased by 0.89% or 428.00 Rupees to settle at 47800.00 per 10 grams on the multi-commodity exchange. Likewise, Silver futures fell by 1139.00 Rupees or 1.62% to settle at Rs. 69199.00 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 1770.00 per ounce in New York. On the other hand, Silver traded at USD 25.75 per ounce.
USD/ INR- Sensex Today
The BSE Sensex rose and ended in the green on April 22. Accordingly, Sensex increased by 0.79% or 374.87 points. Thereby ending the session at 48080.67 at 4:10 PM IST Wednesday. Similarly, the NIFTY increased by 0.77% or 109.75 and ended up at 14406.15.