USD/ INR: Rupee Edges Higher Against the US Dollar

USD/INR- Indian rupee value was at 73.25 as of 8:31 PM IST on 1 October. The rupee strengthened because of the weak US Dollar as well as positive macroeconomic data. Yesterday, the rupee reached the highest of 73.07 and the lowest at 73.60. Further, the dollar index fell by 0.11% and was at 93.78.

USD/ INR: Oil Prices

The US WTI crude fell by 5.25% and was at USD 38.06 per barrel at 03:26 PM GMT on 1 October. On the other hand, Brent Crude decreased by 4.49% and was at USD 40.40 per barrel. The oil demand was significantly impacted by the resurgence of coronavirus cases in many major economies of the world. As travel has not increased to the pre-COVID levels, the fuel demand domestically also remains low. The OPEC will not increase the inventories until this situation tides over.

USD/ INR- Gold Prices

Gold futures fell for the third time this week. Accordingly, December gold futures decreased by 0.06% to Rs. 50,305 per 10 grams on the multi-commodity exchange. However, Silver futures rose by 0.25% to Rs. 60,055 per kg. In the global market, gold traded at around USD 1,884.67. In the international market, gold remained steady because of a softer US Dollar. Also, investors are anticipating the much-awaited coronavirus relief package that has been a matter of debate between the Democrats and the Republicans for months in US Parliament.

USD/ INR- Sensex on 1st October

Sensex ends on a positive note on Thursday. That is, it rose by 1.65% and saw a 629.12 point increase. Accordingly, it ended at 38,697.05 at 3:40 PM IST on 1st October. Similarly, the NIFTY rose by 1.51% or 169.40 points and ended up at 11,416.95. The announcement of the Unlock 5.0 rules and the positive factory output data helped increase the positive investor sentiment.

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