USD/ INR: Rupee Strengthens Against US Dollar

USD/INR- Rupee value was at 74.54 as of 6:10 PM IST. It opened seven paise higher at 74.83 today after ending yesterday at 74.90. The increase in the rupee against the US Dollar can be attributed to good gains in the domestic equity market.

USD/ INR- Oil Prices Increase

Today, the Brent futures rose by 29 cents and ended the day at USD 45.28 by 08:19 GMT. On the other hand, WTI crude also increased by 38 cents and was at USD 42.32. Further, the President of the US Donald Trump tweeted that many Democrats wanted to meet with him regarding the economic relief package. Also, Asian economies are slowly recovering and will gradually boost demand amid the pandemic.

USD/ INR- Gold Prices Drop

Gold prices fell today after going strong for a couple of days. On the multi-commodity exchange, the October gold futures fell by 1.12% to end at Rs. 54,640 per 10 grams. In the international market, spot gold traded at USD 2,017.98 per ounce by 02:34 GMT also seeing a fall of 0.5%. Globally, gold prices fell because of a firm US Dollar. Gold prices have seen a 33% increase in this year because it is treated as a hedge against inflation and economic instability. Also, the stimulus packages announced by various central banks have helped gold prices. 
Silver futures declined by 0.77% to Rs. 74,816 per kg after an increase in value yesterday.

USD/ INR- Sensex Today

The Sensex was up by 0.59% today and saw a 224.93 point increase. Accordingly, it ended at 38,401.01 at 3:40 PM IST. Similarly, the NIFTY saw a rise of 0.46% and ended at 11,322.50. The growth is by 52.35 points. Bank and metal stocks were the top gainers today. The more than expected June quarter earning also contributed to the straight four-day rise in the Sensex.

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