USD/ INR: Indian Rupee Settles Higher Against Dollar

USD/INR- Rupee value was at 73.320 as of 9:53 PM IST against US Dollar on 8 October. The rupee rise is attributed to the favourable domestic market and a weak US Dollar. On 8 October, the rupee reached the highest of 73.380 and the lowest at 73.195. On the other hand, the dollar index dropped by 0.05% and was at 93.57. 

USD/ INR: Oil Prices

The US WTI crude increased by 2.80% that is 1.13 points at 10:23 PM and settled at USD 41.08 per barrel on 8 October. Likewise, the Brent Crude increased by 0.88% and was at USD 42.36 per barrel at 2:56 PM. The coronavirus pandemic certainly changed the outlook and crashed all the pre- predictions. Accordingly, OPEC’s major assumptions were crushed as well. As of now, OPEC comments that the oil demand will continue to grow until 2030. However, the impact of the growing virus on oil demand and consumer behaviour is yet to be seen. 

USD/ INR- Gold Prices

Gold futures still continues its dramatic fall this week. Accordingly, December gold futures decreased by 0.07% or 34.00 points to Rs. 50,014 per 10 grams on the multi-commodity exchange. Similarly, on 8 October Silver futures fell by 500 Rupees or 0.1% to Rs. 60358 per kg. Subsequently, in the international market, gold traded at USD 1896 per ounce, and silver was trading at USD 23.10 per ounce. Gold prices are still volatile in the domestic and the global market despite the favourable domestic equities and foreign inflow.

USD/ INR- Sensex on 8 October

Sensex ended the day in green on 8 October. Accordingly, it rose by 0.76% and saw a 303.72 point increase. Thereby ending the session at 40182.67 at 6:00 PM IST on 8 October. Similarly, the NIFTY rose by 0.82% or 95.75 points and ended the day at 11834.60. ICICI Bank, Kotak Mahindra Bank, SBI, TCS, and HDFC Bank were among the top gainers on Thursday.

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