USD/ INR: Indian Rupee Forex Report on 26 April

USD/INR- The Indian Rupee value saw a marginal rise at the beginning of the week and is trading at the 74 range. Accordingly, it settled at 74.78 on 26 April. The uncertainty in rupee value is mainly attributed to the surge in COVID-19 cases and RBI’s unchanged repo rates. The Indian rupee traded between 74.757 and 74.835 today. On the other hand, the dollar index increased today. Accordingly, its value rose and settled at 90.94 as of 9:34 PM EDT Monday.

Why is the Rupee Value Plummeting in the Recent Past ?

In a matter of 3 weeks, the rupee has dropped down over 4.3%, making the Rupee one of the biggest loser. Alongside the Indian rupee, Turkish new Lira, Brazilian real, Russian Ruble, Thai Baht, and Indonesian Rupiah have lost value against the US Dollar. As mentioned earlier, the two main reasons for the fall in Rupee is the growing COVID-19 concern and RBI’s monetary policy. Also, the concerns over the pace at which the economy is recovering have affected the Rupee. Further, the positive growth pattern of the US Dollar has put pressure on the Indian currency. In addition to that, the RBI’s G-SAP programme for liquidation tumbles the currency. Another final factor is the foreign investor pull out that dwindles support and attributes to the fall.

USD/ INR: Oil Prices

The US WTI crude oil prices began this week on a positive note. 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 0.39% at 8:05 PM on 26 April to trade at USD 62.15 per barrel globally. At the same time, Brent Crude was set at USD 65.91 per barrel and traded at a rate of 0.40% higher.

USD/ INR- Gold Prices

Precious metal prices fell with the surge in COVID19 cases. Accordingly, gold futures decreased by 0.15% or 69.00 Rupees to settle at 47463.00 per 10 grams on the multi-commodity exchange. On the other hand, Silver futures rose by 11.00 Rupees or 0.02% to settle at Rs. 68685.00 per 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 1789.20 per ounce in New York. On the other hand, Silver traded at USD 25.95 per ounce.

USD/ INR- Sensex Today

The BSE Sensex rose and ended in the green on April 26. Accordingly, Sensex increased by 1.06% or 508.06 points. Thereby ending the session at 48386.51 at 4:10 PM IST Monday. Similarly, the NIFTY increased by 1.00% or 143.65 and ended up at 14485.00. The top performers on the BSE Sensex were Axis Bank, Ultratech Cement and ICICI Bank.

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