USD/INR- Rupee value continued to remain stable at 74.92 as of 9:30 PM IST on 31st July. It recorded the highest of 74.90 and the lowest at 74.67. The value of the rupee has managed to remain stable against the dollar. It also saw some early gains today because of the weak dollar index.
USD/ INR- Oil Prices Rise
Today, the Brent future was up by 31 cents and was at USD 43.25 by 08:31 GMT. On the other hand, WTI crude was up by 26 cents and was at USD 40.18 per barrel. The dollar has taken a massive hit because of the pandemic, and this has supported oil prices. Usually, investors go for dollar-denominated currencies as safety nets when the dollar weakens. And this explains the increase in the prices of oil. Along with the expected global stimulus, the oil market is set to end this month on gains.
USD/ INR- Gold Prices Surge Again
Gold prices returned to record highs today. Accordingly, the August gold futures increased by 0.86% to end at Rs. 53,216 per 10 grams on the multi-commodity exchange. Subsequently, in the international market, spot gold traded at USD 1,958.99 per ounce. There has been massive stimulus from central banks, and this has dramatically helped gold prices. In cases of financial uncertainty, investors look to store their value in gold as it is a safe asset.
Silver futures fell by 1.4% and ended at Rs. 63,535 per kg.
USD/ INR- Sensex Today
The Indian equity market fell by 0.34% on 31st July. Accordingly, there was a 129.18 points decrease in the Sensex, and it was at 37,606.89 by 3:40 PM IST. Also, Nifty saw a decline of 0.26% and settled at 11,073.45. HDFC was the top loser in the Sensex today, falling by 2%. It was followed by Kotak Bank, RIL, Tata Steel and Nestle India.