USD/ INR: Rupee Settles Higher Against the US Dollar

USD/INR- The Indian Rupee was at 73.47 as of 10:04 PM IST on 10th September. Further, it was supported by a weaker dollar and a favourable domestic equity market. Meanwhile, the dollar index fell by 0.19% and reached 93.07.

USD/ INR: Oil Prices

The WTI futures fell by 0.5% and was at USD 37.85 a barrel by 00:56 GMT after increasing by 3.5% yesterday. On the other hand, Brent futures for November decreased by 0.3% and was at USD 40.65 per barrel after a 2.5% rise the previous day. The prices look bearish as there’s not even demand and an excess of stockpiles available. Furthermore, the increasing number of coronavirus cases puts more pressure on oil prices even after significant supply cuts were undertaken.

USD/ INR- Gold Prices

Gold prices further fell on 10 September. Accordingly, October gold futures fell by 0.02% to Rs. 51,390 per 10 grams on the multi-commodity exchange. However, Silver futures rose by 0.25% to 68,619 per kg. In the international market, spot gold traded at $1,945.20 per ounce, increasing by 0.7%. The positive hints seen in the global market did not translate to the domestic level.

The increasing challenges regarding coronavirus, the uncertainty over Brexit, US-China tensions and the overall economic uncertainty helped the gold prices in the international market. But, it is still plagued by weak domestic consumer demand in India.

USD/ INR- Sensex Today

The Sensex was back in the green after trading in losses for the past two days. That is, it was up by 1.69% and saw a 646.40 point decrease. Accordingly, it ended at 38,840.32 at 3:40 PM IST on 10th September. Similarly, the NIFTY saw a fall of 171.25 points or 1.52% and ended up at 11,449.25. The gain was led by Reliance Industries, which saw an increase of 7.3% in the index.

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