USD/INR- Rupee value was at 74.85 as of 05:12 PM IST on 5th August. It recorded the highest of 75.75 and the lowest at 74.83. The inflow of foreign funds and the strong domestic equities helped the rupee. But, rising coronavirus cases and the overall weakening of Asian currencies is still a matter of concern.
USD/ INR- Oil Prices Continue to Fall
The WTI Crude fell by 17 cents and was at USD 41.53 per barrel by 01:17 GMT. On the other hand, Brent futures were down by 16 cents and was at USD 44.27 per barrel. The increasing number of coronavirus cases has dampened the hopes of the states reopening soon. Further, this also has a massive impact on oil prices. The oil market will be keenly looking at the developments related to relief packages as they will help spur demand.
USD/ INR- Gold Prices Further Continues the Rising Momentum
Gold prices further continued to increase today. Accordingly, the October gold futures increased by 0.9% and hit a high of Rs. 55,045 per 10 grams on the multi-commodity exchange. Similarly, in the international market, spot gold traded at USD 2,022.42 per ounce. Also, Silver futures gained by 0.9% and moved to Rs. 70,422 per kg.
The drop in the value of the US dollar and public stimulus announcements from central banks has strengthened gold. Additionally, the rising number of COVID-19 cases has also made gold go-to asset for investors. Further, the five year US treasury yield was at a record low on Tuesday, and this also strengthened gold’s position.
USD/ INR- Sensex Today
The Indian equity market fell by 0.065% on 5th August. Accordingly, there was a 24.58 decrease in the Sensex, and it was at 37,663.33 by 3:40 PM IST. However, Nifty saw a rise of 0.058% and settled at 11,101.65. HDFC, RIL and Infosys were the top losers today. On the other hand, metals and auto stocks contributed to the gain in the market.