USD/ INR: Indian Rupee Forex Report on 21 May

USD/INR- The Indian Currency value is rising steadily since last month, currently trading in the range of 73. In fact, this week, the rupee value is edging towards 72. Accordingly, it settled at 72.81 on 21 May. Despite the ongoing COVID-19 crisis, the Indian currency is strengthening against the US Dollar. The Indian rupee traded between 72.756 and 73.090 today. On the other hand, the dollar index decreased today. Accordingly, its value fell and settled at 89.74 as of 7:36 AM EDT Friday.

USD/ INR: Oil Prices

The US WTI crude oil prices began this week on a high. 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 increased by 1.29% at 5:18 PM on 21 May to trade at USD 62.74 per barrel globally. At the same time, Brent Crude was set at USD 65.83 per barrel and traded at a rate of 1.11% higher.

USD/ INR- Gold Prices

Precious metal prices decreased again today after crashing yesterday amid the COVID-19 case rise in India Accordingly, gold futures decreased by 0.23% or 114.00 Rupees to settle at 48430.00 per 10 grams on the multi-commodity exchange. On the contrary, Silver futures decreased by 425.00 Rupees or 0.59% to settle at Rs. 71879.00per 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 1877.00 per ounce in New York. On the other hand, Silver traded at USD 27.68 per ounce.

USD/ INR- Sensex Today

The BSE Sensex rose and ended in the green on 21 May. Accordingly, Sensex increased by 1.97% or 975.62 points. Thereby ending the session at 50540.48 at 4:10 PM IST Friday. Similarly, the NIFTY increased by 1.81% or 269.25 and ended up at 15175.30.

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