USD/INR- The Indian Currency continues to fall sharply on Monday. In fact, the rupee value was edging towards 73 fell to a 6 week low and increased to 74. Accordingly, it settled at 74.140 on 21 June. The Indian rupee traded between 72.263 and 75.912 in the last week. On the other hand, the dollar index increased today. Accordingly, its value rose and settled at 91.96 as of 9:30 PM EDT Monday.
The lockdown imposed in India resulted in the worst contraction of the economy and mildly affecting the currency. The Indian currency is losing against the surging US Dollar. The US Dollar is getting strong following the US Federal Reserve’s surprise to the market that signalled the interest rate hike in 2023.
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 and its value continued to decrease today. Also, recent studies predict that the oil demand will not reach the pre-crisis level until 2023. Further, studies and expert hint that carbon trade might take over and grow 10 times bigger than the global crude oil market. Accordingly, crude oil decreased by 0.08% at 5:30 PM on 21 June to trade at USD 73.60 per barrel globally. On the contrary, Brent Crude was set at USD 75.01 per barrel and traded at a rate of 0.13% higher.
USD/ INR- Gold Prices
Precious metal prices increased as India begins its phased unlocking. Accordingly, gold futures increased by 0.69% or 324.00 Rupees to settle at 47052.00 per 10 grams on the multi-commodity exchange. Similarly, Silver futures increased by 258.00 Rupees or 0.62% to settle at Rs. 666842.00 per kg. 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 1,782 per ounce in New York. On the other hand, Silver traded at USD 26.05 per ounce.
USD/ INR- Sensex Today
The BSE Sensex rose and ended in the green on 21 June. Accordingly, Sensex increased by 0.44% or 230.01 points. Thereby ending the session at 52574.46 at 4:10 PM IST Monday. At the same time, the NIFTY increased by 0.40% or 63.15 and ended up at 15746.50.