After opening at 75.36, INR rallied between 75.27 to 75.59 before settling at 75.54 against USD. Indian Rupee increased by 18 paise on Friday as compared to Wednesday’s closing at 75.72. The Forex market was closed on Thursday on the occasion of Buddha Purnima.
The inflow of funds from Domestic and Foreign investors helped in the upliftment of forex investors’ sentiments. The US Dollar index falling by 0.05% and strong equity market performance helped INR appreciate against US Dollar.
Crude Oil Marks 2-Weeks Consecutive Gains
Oil prices made consecutive gains for two weeks straight as more countries plan to relax lockdown restrictions and recovery of economic losses. That gives hopes to oil producers and traders for an increase in demand with the rise in prices.
Brent crude oil increased by 1.8% to USD 29.98 per barrel after falling around 1% on Thursday.
US WTI was up by 3.3% to close at USD 24.33 after a drop of nearly 2% on Thursday’s session.
Brent and WTI crude picked up after the worst-hit a few days back. Both gained around 13% and 23% respectively in 2 weeks. But, the production is still in excess as compared to low demand during a global pandemic. On the other hand, easing of lockdown in many parts of the world and restarting the economy may bring a jump in demand for crude oil.
Gold Prices Decline
Gold’s future trade decreased by INR 76 to close at INR 46085 per 10 grams. Silver futures gained 0.36% to INR 43280 per kilogram. US spot gold tanked by 0.2% to close at USD 1713.97 while US gold futures were seen steady at USD 1725.70.
The pressure eased on Gold as investors eagerly wait for the release of US employment data for April.