USD/ INR: Rupee Stabilizes After Initial Low

USD/INR- Rupee value was stable at 74.83 as of 6:40 PM IST despite the drop in value yesterday. But, it opened 19 paise lower at 74.94 today. And this was on the back of a strengthening dollar index and weakening domestic equities.

USD/ INR- Oil Prices Decrease as Tensions Rise

On the backdrop of the US asking China to close their consulate at Houston, China ordered the US embassy at Chengdu to be closed. Usually, the decrease in US Dollar value helps oil prices. However, that does not seem to be the case this time around. Today, the Brent futures fell by 25 cents and ended the day at USD 43.06 by 07:13 GMT. On the other hand, WTI crude also reduced by 28 cents and was at USD 40.79. 

USD/ INR- Gold Prices Further Increase

Gold prices further increased for the sixth day in a row. Also, tensions among the US and China have reached a new high, and this has pushed investors to seek safety in gold. Further, the expectation of more stimulus and the rise in coronavirus cases will keep gold going strong, at least for a short while. Even though the retail demand is low, gold prices have consistently increased due to this reason. On the multi-commodity exchange, the August gold futures rose by 0.2% to end at Rs. 50,800 per 10 grams. In the international market, spot gold traded at USD 1,885.62 per ounce.

Silver futures declined by 0.14% to Rs. 61,110 per kg after an increase in value yesterday.

USD/ INR- Sensex Today

The Indian equity market went down by 0.030% today. Accordingly, there was an 11.57 points drop in the Sensex, and it was at 38,128.90 by 3:40 PM IST. Similarly, Nifty also saw a decrease of 21 points and settled at 11,194. The top gainers in the session where RIL and other IT stocks.

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