USD/ INR: Rupee Marginally Strengthens Against Dollar

USD/INR- The Indian Rupee snapped its losing streak and was at 73.36 as of 7:38 PM IST on 9th September. The rupee gained even though the domestic equity market traded with significant losses. Further, the dollar index also rose by 0.10% to reach 93.54.

USD/ INR: Oil Prices

The WTI futures rose by 1.1% and was at USD 37.18 a barrel by 11:19 GMT. On the other hand, Brent futures for November increased by 0.5% and was at USD 39.98 per barrel. Analysts say that oil prices will recover only if the US equity markets stabilize or if there is a significant fall in crude oil inventories. The rising number of cases in substantial economies of the world is also putting a lot of pressure on the oil price. Additionally, Brent crude ranged below the USD 40 mark for the first time in June, yesterday.

USD/ INR- Gold Prices

Gold prices decreased on Wednesday as well. Accordingly, October gold futures fell by 0.4% to Rs. 51,140 per 10 grams on the multi-commodity exchange. Likewise, Silver futures fell by 0.75% to 67,982 per kg. In the international market, spot gold traded at $1,929.30 per ounce. The gold prices remained weak even though the global equity market was weak as a strong US Dollar capped the gains.

The British pound reached a six week low over concerns about Brexit and therefore also weighed in on gold prices. But increasing challenges such as the rising number of coronavirus cases and US-China tensions might bode well for gold soon.

USD/ INR- Sensex Today

The Sensex ends in red for the 2nd consecutive day. That is, it was down by 0.45% and saw a 171.43 point decrease. Accordingly, it ended at 38,193.92 at 3:40 PM IST on 9th September. Similarly, the NIFTY saw a fall of 39.35 points or 0.35% and finalised at 11,278.00. The tensions between India and China and a hiccup in the late-stage trial of a COVID drug dampened the domestic sentiment.

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