USD/ INR: Indian Rupee Forex Report on 12 May

USD/INR- The Indian Rupee value is rising slowly but steadily since mid-April. Currently, trading in the range of 73. Accordingly, it settled at 73.65 on 12 May. Despite the ongoing COVID-19 crisis, the Indian currency is strengthening against the US Dollar. The Indian rupee traded between 73.373 and 73.654 today. On the other hand, the dollar index decreased today. Accordingly, its value fell and settled at 90.67 as of 9:57 PM EDT Wednesday.

USD/ INR: Oil Prices

The US WTI crude oil prices began this month on a positive note. 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 0.67% at 7:05 PM on 12 May to trade at USD 65.54 per barrel globally. At the same time, Brent Crude was set at USD 68.88 per barrel and traded at a rate of 0.63% lower.

USD/ INR- Gold Prices

Precious metal prices fell amid the COVID19 cases surge in India for the second consecutive day. Accordingly, gold futures decreased by 0.28% or 133.00 Rupees to settle at 47500.00 per 10 grams on the multi-commodity exchange. At the same time, Silver futures decreased by 804.00 Rupees or 1.12% to settle at Rs. 71125.00 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 1832.00 per ounce in New York. On the other hand, Silver traded at USD 27.38per ounce.

USD/ INR- Sensex Today

The BSE Sensex fell and ended in the red on 12 May for two days straight. Accordingly, Sensex decreased by 0.96% or 471.01 points. Thereby ending the session at 48.690.80 at 4:10 PM IST Wednesday. Similarly, the NIFTY decreased by 1.04% or 154.25 and ended up at 14696.50.

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