USD/ INR: Rupee Continues to Remains Stable

USD/INR- Rupee value was at 74.89 as of 8:45 PM IST on 29th July. It recorded the highest of 74.90 and the lowest at 74.73. There are concerns about inflation as the dollar keeps weakening. Goldman Sachs warned that dollar might lose its place as the reserve currency, but this is still a view held by only a very few in the financial circles.

USD/ INR- Oil Prices Remain Stable

Today, the Brent future was up by 0.4% and ended the day at USD 43.40 by 06:44 GMT. On the other hand, WTI crude gained by 12 cents and was at USD 41.16 per barrel. In the past week, the oil demand is slightly recovering. The rising oil inventories in the US has led to over-supplying in the oil market. Along with this, the increasing number of coronavirus cases still poses a worry.

Oil producers expected recovery in oil demand in the second half of the year. However, that hasn’t been the case. As COVID-19 cases increase, economies are taking a lot more time in opening up. Further, travel restrictions and fear of contracting the virus has also kept the demand for oil low.

USD/ INR- Gold Prices Fall

Gold prices fell today after going high for the past two sessions. Accordingly, the August gold futures fell by 0.1% to end at Rs. 52,540 per 10 grams on the multi-commodity exchange. Subsequently, in the international market, spot gold traded at USD 1,957.84 per ounce. It reached an all-time high of USD 1,980.57 in the previous session but fell after the dollar regained its lost ground. Nonetheless, gold remains the go-to asset for investors. As the dollar weakens, more people are edging towards gold. This will most likely continue to be the case until the markets become a little less volatile.

Silver futures ended at to Rs. 67,560 per kg after a decrease in value last week.

USD/ INR- Sensex Today

The Indian equity market fell by 1.10% on 29th July. Accordingly, there was a 421.82 points decrease in the Sensex, and it was at 38,071.13 by 3:40 PM IST. Similarly, Nifty also saw a decline of 0.86% and settled at 11,202.85.

Leave a Reply

Get Verified Suppliers of Rice, Wheat, Dry Fruits, Pulses and Other Grains