USD/ INR: Indian Rupee Forex Report on 20 September

USD/INR- The Indian Currency is recovering slowly from the previous month’s losses. Despite the depreciation, it stays defensive by staying close to 74. Accordingly, it settled at 73.68 on 20 September. The Indian rupee traded between 73.617- 73.847 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 increased today. Accordingly, its value rose and settled at 93.37 as of 04:15 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 2.67% at 04:15 PM on 20 September to trade at USD 70.05 per barrel globally. On the other hand, Brent Crude was set at USD 73.66 per barrel and traded at a rate of 2.23% lower.

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 0.42% or 194.00 to settle at 446180.00 per 10 gram on the multi-commodity exchange. At the same time, Silver futures rose by 590.00 or 0.98% to settle at 59402.00per 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 1748.69 per ounce in New York. On the other hand, Silver traded at USD 22.13 per ounce.

USD/ INR- Sensex Today

The BSE Sensex fell and ended in the red on 20 September. Accordingly, Sensex decreased by 0.89% or 524.96 points. Thereby, ending the session at 58490.93 at 4:10 PM IST on Monday. On the other hand, the NIFTY also decreased by 1.07% or 188.25 points and ended at 17396.90.

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