USD/ INR: Indian Rupee Forex Report on 08 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. However, it slipped today against the strong US Dollar. Accordingly, it settled at 72.98 on 08 June. Despite the ongoing COVID-19 crisis, the Indian currency was strengthening against the US Dollar. The Indian rupee traded between 72.985 and 72.890 today. On the other hand, the dollar index increased today. Accordingly, its value rose and settled at 90.10 as of 9:10 PM EDT Tuesday.

The Indian rupee is tracing domestic equities higher at the beginning of the week. Further, Indian stocks are rising to 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 and its value increased today. Also, recent studies predict that the oil demand will not reach the pre-crisis level until 2023. Accordingly, crude oil increased by 0.27% at 5:30 PM on 08 June to trade at USD 70.24 per barrel globally. At the same time, Brent Crude was set at USD 72.39 per barrel and traded at a rate of 0.24% higher.

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 fell and ended in the red on 08 June. Accordingly, Sensex decreased by 0.10% or 52.94 points. Thereby ending the session at 52275.57 at 4:10 PM IST Tuesday. At the same time, the NIFTY decreased by 0.07% or 11.55 and ended up at 15740.10.

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