USD/ INR: Rupee Strengthens Against the US Dollars

The rupee value further appreciated against the US Dollar today. It saw an increase of 17 paise and ended the day at 74.74 against the greenback. The increase in the amount of rupee (USD/ INR conversion) might have been caused by strong domestic equities and increased hopes of a successful COVID 19 vaccine. On Monday, the value of rupee was 74.91. The rupee reached the highest of 74.88 and the lowest at 74.70 today.

USD/ INR- News on Vaccine Helps the Oil Market

Positive news about the COVID-19 vaccine also impacted the crude oil market. Even though this offered some solace, producers are still worried about the extension of the lockdown in many industries. The Brent futures increased by 0.5% and ended the day at USD 43.49 by 06:23 GMT. On the other hand, WTI crude gained by 11 cents and ended the day at USD 40.92. 

USD/ INR- Gold Prices Marginally Increased, Silver is the Real star

The increasing number of coronavirus cases still made gold the go-to asset.  But silver has been the real star and has recorded an increase of Rs. 2,500 in just two days. On the multi-commodity exchange, the August gold futures rose by 0.63% to end at Rs. 49,204 per 10 grams. In the global market, spot gold saw an increase of 0.1% and ended at USD 1818.53 per ounce. However, the gains in gold have not been as much. Mainly because of some positive news about the vaccine, which led to the strengthening of the global equity market

USD/ INR- Sensex Today

The Indian equity markets ended on a high for the fifth straight session today. There was a 511.34 points increase in the Sensex, and it ended the day at 37,930.33. The Nifty also did well and saw a rise of 140.10 points and settled at 11,162.30. 

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