USD/ INR: Indian Rupee Forex Report on 11 October

USD/INR- The Indian Currency is falling hard due to the Crude oil surge. Despite the depreciation, it stays defensive by staying close to 74. Accordingly, it settled at 75.45 on 11 October. The Indian rupee traded between 75.402- 75.4795 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. Accordingly, its value rose and settled at 94.33as of 04:55 PM EDT Monday.

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. The recent news is that the oil prices are setting to rise high based on the huge crude inventory draw. Accordingly, crude oil decreased by 0.12% at 04:55 PM on 12 October to trade at USD 80.42 per barrel globally. On the other hand, Brent Crude was set at USD 83.64 per barrel and traded at a rate of 0.14% lower.

USD/ INR- Gold Prices

Precious metal prices are slowing rebounding in India, they are highly volatile trying to regain their momentum. The gold import in India has surged 8 times higher as the prices drop in September. Accordingly, gold futures decreased by 0.41% or 192.00 to settle at 46286.00 per 10 gram on the multi-commodity exchange. At the same time, Silver futures fell by 750.00 or 2.60% to settle at 60266.00 kg. The scare of the emergence of the third wave of 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 1761 per ounce in New York. On the other hand, Silver traded at USD 22.42 per ounce.

USD/ INR- Sensex Today

The BSE Sensex fell and ended in the red on 11 October. Accordingly, Sensex decreased by 0.14% or 86.03 points. Thereby, ending the session at 60049.75 at 4:10 PM IST Monday. On the other hand, the NIFTY also decreased by 0.12% or 22.60 points and ended at 17923.05.

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