USD/INR: Rupee Continues Gaining Against US Dollar

Rupee continues the winning momentum to surge and settle high against US Dollar in the opening session of this week. Paring initial losses, Rupee ends at 74.57 at around 12:12 UTC gaining nine paise since the last close. At the interbank exchange market, it trades between a high of 74.49 and a low of 74.79 before settling high registering gains.

US Dollar index with greenback’s strength fell 0.24% to 96.94 against a pool of 6 currencies making room for Rupee to rise. Forex investors were joyful over favourable trading equity market, the inflow of foreign funds and a weak US Dollar index. Despite, rise in crude prices and spiking COVID-19 cases, Rupee continues to gain and settle high raising investor sentiments.

USD/INR – Crude Price Surges over Positivity

Crude prices surge with little support from oil demand and reports showing swift recovery amid the rising Coronavirus cases. Brent crude oil rises 1.7% to settle at USD 43.53 a barrel at around 0808 GMT. US WTI crude gains 0.7% to USD 40.93, ending above USD 40 level. Economic recovery reports uplifted market sentiments.

The Chinese market is recovering at a fast pace expecting a rise in fuel demand soon. Market sentiments are high over high hopes to recover from the pandemic. OPEC+ is continuing the production cuts supporting the low demand and prices. The volatility in crude prices could expect to fall with a consistent rise in a few weeks.

USD/INR – Gold Prices Settles Flat

Gold price trades flat at the start of the week with surging Coronavirus cases and news about economic recovery. Spot gold gains a little by 0.1% to settle at USD 1777.30 an ounce at around 0949 GMT while US Gold futures drops 0.3% to USD 1784.30 an ounce with hopes of economic recovery in coming weeks.

US states have reported spiking COVID-19 cases hitting the recovery plans. Addition, US-China trade relations are creating fears among investors over recovery any time soon. However, the US financial market showed optimism over a revival, dipping the sentiments of gold investors. Investors are waiting for US Services sector data that is due later today for knowing the growth percentage.

Domestic gold market books profit with soaring equity market. Gold futures slumps 0.36% to INR 47872 per 10 grams.

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