USD/ INR: Indian Rupee Forex Report on 07 June

USD/INR- The Indian Currency value is rising steadily since last month, currently trading in the range of 72. In fact, this week, the rupee value is edging towards 71. Accordingly, it settled at 72.79 on 07 June. Despite the ongoing COVID-19 crisis, the Indian currency is strengthening against the US Dollar. The Indian rupee traded between 72.743 and 72.928 today. On the other hand, the dollar index decreased today. Accordingly, its value fell and settled at 90.11 as of 7:41 AM EDT Monday.

The Indian rupee is tracing domestic equities higher at the beginning of the week. Further, Indian stocks are rising new highs as the COVID-19 cases fell to a 2 month low and subsequent easing of restrictions.

USD/ INR: Oil Prices

The US WTI crude oil prices began this week on a low. 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 0.26% at 5:30 PM on 07 June to trade at USD 69.44 per barrel globally. At the same time, Brent Crude was set at USD 71.67 per barrel and traded at a rate of 0.31% lower.

USD/ INR- Gold Prices

Precious metal prices decreased despite the decline in COVID-19 cases. Accordingly, gold futures decreased by 0.17% or 81.00 Rupees to settle at 48913.00 per 10 grams on the multi-commodity exchange. Similarly, Silver futures decreased by 340.00 Rupees or 0.48% to settle at Rs. 711990.00 per kg. The decline is attributed to the pressure from the stronger dollar, Senior analysts, Tapan Patel from HDFC Securities. Also, 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 1883.00 per ounce in New York. On the other hand, Silver traded at USD 27.55per ounce.

USD/ INR- Sensex Today

The BSE Sensex rose and ended in the green on 07 June. Accordingly, Sensex increased by 0.44% or 228.46 points. Thereby ending the session at 52328.51 at 4:10 PM IST Monday. On the contrary, the NIFTY increased by 0.52% or 81.40 and ended up at 15751.65. Reliance, Adani Ports, TCS, and ICICI bank topped in the Nifty market today.

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