USD/ INR: Indian Rupee Forex Report on 07 September

USD/INR- The Indian Currency is recovering slowly from the previous month’s losses, however, it crashed today. Despite the depreciation, it stays defensive by staying close to 74. Accordingly, it settled at 73.42 on7 September. The Indian rupee traded between 73.067 – 73.461 today. As of now, the dollar inflow and the intervention from RBI weaken the upward trend of USD/INR. On the other hand, the dollar index decreased today after experiencing a rise for the past two days. Accordingly, its value fell and settled at 92.28 as of 04:45 PM EDT Tuesday

USD/ INR: Oil Prices

The US WTI crude oil prices are highly volatile. Furthermore, 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. Further, studies and experts hint that carbon trade might take over and grow 10 times bigger than the global crude oil market. Accordingly, crude oil decreased by 0.43% at 05:50 PM on 7 September to trade at USD 69.10 per barrel globally. On the other hand, Brent Crude was set at USD 72.65 per barrel and traded at a rate of 0.29% higher.

USD/ INR- Gold Prices

Precious metal prices are slowing rebounding in India, they are highly volatile trying to regain their momentum. Accordingly, gold futures increased by .068% or 319.00 to settle at 47556.00 per 10 gram on the multi-commodity exchange. At the same time, Silver futures fell by 32.00 or 0.06% to settle at 61667.00 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 1798.00 per ounce in New York. On the other hand, Silver traded at USD 23.66 per ounce.

USD/ INR- Sensex Today

The BSE Sensex rose and ended in the green on 07 September. Accordingly, Sensex increased by 0.31% or 175.62 points. Thereby ending the session at 56124.72 at 4:10 PM IST Tuesday. On the other hand, the NIFTY increased by 0.41% or 68.30 points and ended up at 16705.20.

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