USD/INR- Rupee value was at 75.01 as of 9:05 PM IST on 4th August. It recorded the highest of 75.18 and the lowest at 74.98. The dollar remained stable today. The greenback will get more potent if the employment numbers that are to be released today are favourable.
USD/ INR- Oil Prices Drop
Yesterday, the WTI Crude fell by 22 cents and was at USD 40.79 by 01:32 GMT. On the other hand, Brent futures were down by 27 cents and was at USD 43.88 per barrel. However, the day before on 3rd August, there was an increase in oil prices. But, concerns about low demand has pushed it down again. Further, increasing US inventories, along with the lack of demand, has caused significant worry among producers. They’ll have to see how it pans out as economies slowly start to reopen.
USD/ INR- Gold Prices Hit a New High
Gold prices continued to soar. Accordingly, the October gold futures increased by 0.2% to end at Rs. 53,865 per 10 grams on the multi-commodity exchange. Subsequently, in the international market, spot gold traded at USD 1,976.36 per ounce. The WHO advises everyone to be careful due to the devoid vaccine state. Also, it warns that there is a possibility of never finding a perfect vaccine for the coronavirus. This has raised uncertainty in the market, and as cases increase, gold cements its place as the haven asset. On the other hand, Silver futures also gained by 0.18% and ended at Rs. 65,865 per kg.
USD/ INR- Sensex Today
The Indian equity market rose by 2.03% on 4th August. Accordingly, there was a 748.31 increase in the Sensex, and it was at 37,687.91 by 3:40 PM IST. Also, Nifty saw a rise of 1.87% and settled at 11,095.25. HDFC and RIL largely contributed to the jump today. Sensex saw this increase after experiencing the four-day losing strike.