USD/ INR: Indian Rupee Forex Report on 20 July

USD/INR- The Indian Currency is extending the previous month losses. Today, Indian Rupee consolidated its biggest loss in three weeks. Accordingly, it settled at 74.40 on 20 July. The Indian rupee traded between 74.551 and 74.970 today. On the other hand, the dollar index increased today. Accordingly, its value fell and settled at 93.16 as of 07:05 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 1.79% at 6:30 PM on 20 July to trade at USD 65.23 per barrel globally. On the other hand, Brent Crude was set at USD 67.57 per barrel and traded at a rate of 1.53% lower.

USD/ INR- Gold Prices

Precious metal prices decreased in India due to the scare of the third wave of the COVID-19 pandemic. Accordingly, gold futures decreased by 0.32% or 153.00 Rupees to settle at 47770.00 per 10 grams on the multi-commodity exchange. Similarly, Silver futures declined by 300.00 Rupees or 0.13% to settle at Rs. 67611.00. The decline is attributed to the pressure from the stronger dollar and the unexpected lockdown. 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 1804 per ounce in New York. On the other hand, Silver traded at USD 26.01 per ounce.

USD/ INR- Sensex Today

The BSE Sensex fell and ended in the red on 20 July. Accordingly, Sensex decreased by 0.68% or 354.89 points. Thereby ending the session at 52198.51 at 4:10 PM IST Tuesday. On the other hand, the NIFTY decreased by 0.76% or 120.30 points and ended up at 15632.10.

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