USD/ INR: Rupee Stabilizes After Initial Low

USD/INR- Rupee value was at 74.91 as of 8:00 PM IST on 28 July, higher than the last close. It recorded the highest of 74.91 and the lowest at 74.71 despite opening three paise down against the dollar at 74.86 on Tuesday. Positively, the rupee managed to remain stable despite weak domestic equities.

USD/ INR- Oil Prices Remain stable

Today, the Brent futures remained stable and ended the day at USD 43.41 by 06:34 GMT. On the other hand, WTI crude reduced by 14 cents and was at USD 41.46 per barrel. In the past week, the oil demand is slightly recovering. Accordingly, the oil prices were stable on Tuesday. However, worries over the increasing number of coronavirus cases still loom large.

Further, the expectation of a stimulus from the US government is said to help oil demand. Moreover, a weaker dollar is supposed to boost oil prices, but contrarily, producers are worried that people there won’t be any demand. And therefore, it has not helped prices much.

USD/ INR- Gold Prices Continue the Rise

Gold prices further increased sharply on Tuesday. Accordingly, the August gold futures rose by 0.6% to end at Rs. 52,410 per 10 grams on the multi-commodity exchange. Subsequently, in the international market, spot gold traded at USD 1,975 per ounce, increasing by USD 160 in just six sessions. Further, the expectation of stimulus and volatile oil market has strengthened gold. Also, the continuously rising tensions between the US and China and the weak dollar has made investors flock incline towards gold.

Silver futures gained by 2% to Rs. 67,000 per kg after a decrease in value last week.

USD/ INR- Sensex Today

The Indian equity market went up by 1.47% on 28 July. Accordingly, there was a 558.22 points increase in the Sensex, and it was at 38,492.95 by 3:40 PM IST. Similarly, Nifty also saw a rise of 1.52% and settled at 11,300.55. HDFC life insurance, Tech Mahindra and Ultra Tech Cements had massive gains yesterday.

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