USD/INR- Rupee value was at 74.00 as of 6:52 PM IST on 24th September. During the session, the rupee witnessed the highest of 73.75 and the lowest at 74.00. The losses led the fall in the rupee in the domestic equity market and the strengthening US Dollar. Further, the Dollar index rose by 0.04% and was at 94.42.
USD/ INR: Oil Prices
The US WTI crude for October rose by 0.2% to USD 40.01 and was trading at USD per barrel on 24th September. On the other hand, Brent Crude futures increased by 0.2% and was at USD 41.87 per barrel at 11:00 GMT. Yesterday, prices fell because of low US inventories. But, the demand is still subdued and therefore, oil traded lower and had only marginal gains. Along with this, the new restrictions in many parts of Europe does not look suitable for fuel demand in the recent times.
USD/ INR- Gold Prices
Gold, as well as silver prices, continued their fall. Accordingly, October gold futures decreased by 0.45% to Rs. 49,293 per 10 grams on the multi-commodity exchange. Likewise, Silver futures fell by 3% to Rs. 56,710 per kg. In the global market, spot gold fell by 0.3% and traded at USD 1,858.08. The US dollar has put a lot of pressure on gold. According to Kotak Securities, the increasing virus spread and global economic concerns have increased the haven appeal of gold. But, we may not see a sustained rise in gold unless there is a major correction in the dollar. Further, the US Dollar has been supported by the uncertainty of the European economy and doubts over Brexit.
USD/ INR- Sensex Today
The Sensex had a massive fall yesterday, plunging by over a 1000 points. That is, it was down by 2.96% and saw a 1,114.82 point decrease. Accordingly, it ended at 36,553.60 at 3:40 PM IST on 24th September. Also, the NIFTY saw a fall of 2.93% or 326.30 points and ended up at 10,805.55. Many factors led to the fall in the market today. The rising number of cases and the fear that many economies might close down again, deeply impacted investor sentiments. Along with that, the fall in the global markets and the US Federal Reserve VC Richard Clarida’ statement that the US economy was in a “deep sinkhole” led to investors wondering if they had overestimated the recovery. All of these issues had an impact on the domestic markets, thereby leading to the fall.