Indian Rupee settled at 75.66 against US Dollar increasing by 25 paise against the previous day’s close of 75.91. The rupee rallied between 75.63 and 75.79. The US Dollar index traded 0.16% low to close at 99.50, which helped the Indian Rupee rise.
The success reports of first stage trial of Coronavirus vaccine lifted the sentiments of forex traders. Also, the positive run of equity market marked as a sign of recovery. In this uncertain time of increasing Coronavirus cases and deaths across the world, the success report of vaccine boosted the sentiments among the global economy and investors.
Crude Oil Marks Consecutive Gains
Brent crude oil increased by 0.2% to USD 34.88 per barrel losing early gains. US WTI crude oil climbs 2.2% to close at USD 32.52 per barrel.
Crude oil demand picked up pace as economies around the world reopened, and lockdown restrictions eased out. Crude production cuts helped loose up the increasing stock and also the growing demand helped the oil price hold its ground. Analysts warned about the worst Coronavirus outbreak to hit soon which can lead to the global recession. Thus, they suggested to be careful as the recovery of oil is temporary and lockdown can be implemented again if the situation worsens.
Gold Price settles flat
Gold price settled flat after touching the high since 2012 in the previous session. Spot gold remained flat after increasing 0.5% early in the day at USD 1731.50 per ounce. US Gold futures dropped by 0.1% to close at USD 1733.30.
A positive run of Asian markets and an increase in oil prices was supported by the successful result of COVID-19 vaccine developed by Moderna. Gold investors are seen to benefit from both the decisive run of the global market and also brewing tension across the world economies. IMF stated that the recovery of the global economy from the pandemic would take more time and effort than expected. NASDAQ Incorporation will set new restrictions on its IPOs which in turn will pose a challenge for Chinese companies.