USD/ INR: Rupee Further Weakens Against the Dollar

USD/INR- The Rupee was at 75.11 as of 7:53 PM IST on 20th August. The rupee saw an intra-day high of 74.93 and a low of 75.05. Also, the dollar index rose by 0.31% and was at 93.17. The strengthening dollar and weak domestic equities caused the rupee to fall.

USD/INR: Oil Prices Drop

Today, the WTI futures fell by 0.7% and ended the day at USD 42.62 by 00:49 GMT. On the other hand, Brent crude decreased by 0.6% and was at USD 45.09. The drop in the US inventories was not as much as expected. Further, the recovery of demand is also looking bleak as coronavirus cases keep surging in many major economies of the world. Therefore, oil prices fell for the fourth straight week.

USD/ INR- Gold Prices on 20th August

Gold prices further fell today. The October gold futures fell by 700 rupees to end at Rs. 51,915 per 10 grams on the multi-commodity exchange. In the international market, spot gold was up by 0.5% and was at $1,940 per ounce. Likewise, Silver futures fell by Rs.900 to Rs. 67,028 per kg.

The increase in the value of the US Dollar kept the gold prices in check. The recent minutes from the Federal Bank meeting showed that they were apprehensive in capping the yields for the government bonds. People generally prefer to put their money in high yielding assets rather than gold when the market is doing well. Also, the central bank is looking to encourage investment and recovery from what we can see in the outcome of the meeting. Therefore, that could have also contributed to the fall in gold prices.

USD/ INR- Sensex on 20th August

The Sensex ended in the red today after three days in green. That is, it was down by 1.02% today and saw a 394.47 point decrease. It ended at 38,220.39 at 3:40 PM IST. Similarly, the NIFTY saw a rise of 96.20 points or 0.84% and ended at 11,312.20.

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