USD/ INR: Indian Rupee Strengthens Against Dollar

USD/INR- The Rupee was at 74.14 as of 04:43 PM IST on 24th August. Indian rupee saw an intra-day high of 74.28 and a low of 74.92. Also, the dollar index fell by 0.15% and was at 93.11. Positive domestic equities and good foreign fund flow helped the rupee gain some ground today.

USD/ INR: Oil Prices Gain

Yesterday, the WTI futures rose by 0.68% and ended the day at USD 42.63 by 01:30 PM IST. On the other hand, Brent crude increased by 0.70% and was at USD 44.66. This is the third weekly gain in a row as significant producers look to cut production to raise prices.

USD/ INR- Gold Prices Today

Gold prices further fell again. The October gold futures fell by 0.3% to end at Rs. 51,865 per 10 grams on the multi-commodity exchange. In the international market, spot gold fell by 0.3% and was at $1,933.37 per ounce. Likewise, Silver futures fell by 1% to Rs. 66,426 per kg.

The gold prices fell because of the strengthening US dollar. Expectations of more stimulus and the stalemate in the US Parliament regarding new stimulus packages will keep gold prices on the edge. According to Kotak Securities, gold may witness choppy trade unless there are any new triggers. Further, the weak consumer demand for gold in major economies like China and India will also impact prices.

USD/ INR- Sensex on 24th August

The Sensex started the week on a positive note. That is, it was up by 0.95% today and saw a 364.36 point increase. Accordingly, it ended at 38,799.08 at 3:40 PM IST on 24 August. Similarly, the NIFTY saw a rise of 94.85 points or 0.83% and ended at 11,466.45. Banking and finance stocks performed well today. On the other hand, Power Grid, Tech Mahindra, Titan and Nestle India did not perform well.

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