Indian Rupee settled high against US Dollar witnessing high volatility in today’s session. The Rupee traded between the high of 75.48 and low of 75.79 before closing at 75.49. Rupee appreciated six paise against last session’s close at 75.55. Robust equity market performance and weakening of the US Dollar index helped Rupee strengthen.
Ease of lockdown restrictions, strong equity market and positive progress in COVID-19 vaccine development helped in the upliftment of investors’ sentiments. Thus, making Rupee settle high against the US Dollar.
Crude Oil Marks Consecutive Gains
Brent Crude oil was up by 1.2% to USD 36.17 a barrel. US WTI rose by 1.2% to USD 33.89 per barrel. After hitting the lowest of 21 years in April, Crude oil prices have gained momentum and have doubled since then.
The crude prices are back on track as demand recovers after relaxations in lockdown protocol and production cuts resulting in low Crude oil inventory. Analysts state that the market is good for crude as demand recovery from China and supply cuts by OPEC+ supported the price. According to the latest survey, US crude inventories dropped by 5 million barrels. Also, OPEC+ has implemented the production cuts of around 6 million BPD against which the market response is good.
Gold Price Dips Against Rising Hopes
Spot gold dipped by 0.7% to USD 1737.09 an ounce. US gold futures also slid by 0.8% to USD 1738.40. Gold traded highest since 2012 this week supported pby US-China tension and economic downfall.
Possibility of COVID-19 vaccine and relaxation in lockdown restrictions led to a dip in gold prices. Analysts suggest gold price being volatile as uncertainty prevails in the global as well as domestic economy. However, the success of Coronavirus vaccine remains uncertain that may help gold continue to be an attractive investment.