USD/ INR: Rupee Value Marginally Falls

USD/INR- Rupee value was at 75.03 as of 09:03 PM IST on 7th August. Accordingly, it recorded the highest of 75.06 and the lowest at 74.92. The rupee opened almost ten paise down at 75.03 against the US Dollar today. This was due to some banks and importers engaging in buying the American currency.

USD/ INR- Crude Oil Prices Plunged Today

The WTI Crude fell by 2 cents and was at USD 41.93 per barrel by 02:46 GMT. On the other hand, Brent futures fell by 0.1% and was at USD 45.03 per barrel. Both WTI and crude are set up for weekly gains of 4%, the highest since the first week of July. The rising number of cases and delay in economic revival still poses a risk to the oil market as it all heavily depends on demand.

USD/ INR- Gold Prices Fall

Gold prices dropped first time in the week. Accordingly, the October gold futures decreased by 0.1 % and was at Rs. 55,840 per 10 grams on the multi-commodity exchange. Similarly, in the international market, spot gold traded at USD 2,068.32 per ounce. Also, Silver futures were lower by 0.33% and moved to Rs. 75,800 per kg.

The weaker dollar helped gold prices and the US treasury yields have also fallen to their lowest in 5 months. The Democrats and Republicans still haven’t agreed on a new stimulus package. Social, economic and geopolitical tensions have kept gold going strong. Even though there has been a marginally decrease in prices in India, globally gold prices increased.

USD/ INR- Sensex Today

The Indian equity market gained 0.040% on 7th August. Accordingly, there was a 15.12 increase in the Sensex, and it was at 38,040.57 by 3:40 PM IST. Additionally, Nifty saw a rise of 0.12% and settled at 11,214.05. Reliance Limited and Asian paints top the gains today, and 17 of the 30 Sensex stocks ended the day in the green.

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