USD/ INR: Indian Rupee Forex Report 27 January

USD/INR- On January 27, the Indian currency traded at 73.022 at 8:57 PM INR. Following the steady pace, the Indian rupee fell on Wednesday despite the optimistic GDP outlook. On the other hand, the dollar index settled at 90.74 as of 10:21 AM EST on Wednesday.  Today, the equity market fell almost -2%.

USD/ INR: Oil Prices

The US WTI crude oil prices fell today after experiencing marginal rise yesterday. The oil demand concern and the growing coronavirus pandemic fear kept the investors on edge. Accordingly, crude oil fell by 0.38% at 9:04 PM on 27 January to trade at USD 52.41 per barrel globally. On the other hand, Brent Crude trading at USD 55.74 per barrel was traded 0.30% lower on Wednesday. Note that, Saudi Arabia is also on the edge as it is losing control over the oil markets.

USD/ INR- Gold Prices

Precious metal prices fell for the third day straight. Accordingly, gold futures decreased by 0.58% or 283.00 Rupees to settle at 48860.00 per 10 grams on the multi-commodity exchange. Likewise, Silver futures decreased by 375.00 Rupees or 0.56% to settle at Rs. 66137.00 per kg. The emergence of COVID-19 pandemic and the COVID-19 vaccine kept precious metals’ prices on edge this year. In the international market, Gold was trading at USD 1847 per ounce in New York. On the other hand, Silver traded at USD 25.48 per ounce.

USD/ INR- USD Weakening Against Many Currencies

The US Dollar has been falling steeply since the emergence of COVID-19 pandemic. Accordingly, the USD has fallen approximately 10-12% that is the weakest level since 2018. Subsequently, the drop in dollar has led to the appreciation of the euro and renminbi. The US current account deficit is one of the main reasons for the fall. Further, a study predicts a 35% value decline for the dollar in late 2021.

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