USD/INR- The Indian Currency opens wrong but a strong dollar still is appreciated. In fact, the rupee value was edging towards 73 fell to a 6 week low and increased to 74. Accordingly, it settled at 74.13 on 23 June. The Indian rupee traded between 74.087 and 7.398 today. On the other hand, the dollar index decreased today. Accordingly, its value fell and settled at 91.61 as of 9:37 AM EDT Wednesday.
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 increased 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 increased by 1.80% at 5:30 PM on 23 June to trade at USD 74.16 per barrel globally. Similarly, Brent Crude was set at USD 75.88 per barrel and traded at a rate of 1.43% higher.
USD/ INR- Gold Prices
Precious metal prices increased in India during the relaxations. Accordingly, gold futures increased by 0.33% or 155.00 Rupees to settle at 47166.00 per 10 grams on the multi-commodity exchange. Similarly, Silver futures increased by 324.00 Rupees or 0.40% to settle at Rs. 66864.00 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 1783 per ounce in New York. On the other hand, Silver traded at USD 25.94 per ounce.
USD/ INR- Sensex Today
The BSE Sensex fell and ended in the red on 23 June. Accordingly, Sensex decreased by 0.54% or 282.63points. Thereby ending the session at 52306.08 at 4:10 PM IST Wednesday. At the same time, the NIFTY decreased by 0.54% or 85.80 and ended up at 15686.95.