USD/ INR: Rupee Value Further Increases

USD/INR- Rupee value was at 74.95 as of 06:10 PM IST on 6th August. Accordingly, it recorded the highest of 74.97 and the lowest at 74.77. Due to the RBI money policy outcome, the rupee opened 13 paise higher at 74.81 today. The dollar index continued to face issues amidst unemployment concerns and further stimulus packages to be announced.

USD/ INR- Crude Oil Prices Today

The WTI Crude fell by 0.09% and was at USD 42.15 per barrel by 18:11 IST. On the other hand, Brent futures gained by 0.38% and was at USD 45.34 per barrel. The recent decline in the value of the US dollar has been favourable for oil prices. The US Central Bank has said that the number of cases is increasing is slowing down the economic revival.

USD/ INR- Gold Prices Continue to Rise

Gold prices further continued to rise today. Accordingly, the October gold futures increased by 1% and hit a high of Rs. 55,651 per 10 grams on the multi-commodity exchange. Similarly, in the international market, spot gold traded at USD 2,039.75 per ounce. Also, Silver futures gained by 4% and moved to Rs. 74,725 per kg.

The weak US dollar and expectation of stimulus helped gold stay stable in the global market. The US dollar has been under impact because of the rising cases and also the economic instability during COVID19 pandemic. Further, the Democrats and the Republicans have to decide on the new relief packages. This poses to be a significant issue, as the recent job data released hasn’t been positive. All of these issues, along with the interest of investors in gold as a “haven” asset, has kept it going strong at the global level.

USD/ INR- Sensex Today

The Indian equity market gained 0.96% on 6th August. Accordingly, there was a 362.12 increase in the Sensex, and it was at 38,025.45 by 3:40 PM IST. Additionally, Nifty saw a rise of 0.89% and settled at 11,200.15. The recent announcements from the RBI regarding the LTV (loan to value) ratio of gold loans and other such measures contributed to the gain in the market today.

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