USD/INR- Rupee value remained stable at 74.89 as of 6:26 PM IST on 30th July. It recorded the highest of 74.88 and the lowest at 74.80. The value of the rupee has managed to remain stable since mid-March. This is due to the increase in current account surplus because of good foreign fund inflows and lukewarm imports.
USD/ INR- Oil Prices Slide
Today, the Brent future fell by 51 cents and was at USD 43.58 by 09:07 GMT. On the other hand, WTI crude was down by 60 cents and was at USD 40.67 per barrel. The surging number of cases further dampened the much-anticipated boost in demand. The need for oil has taken a massive hit this year because of the pandemic, and this has resulted in significant loss to oil producers. But, the decrease in demand could become permanent as people switch to more renewable sources of energy, especially after the pandemic. So, OPEC has a tough job ahead to deal with the changing oil market and the new requirements that come with it.
USD/ INR- Gold Prices Fall Further
Gold prices fell today after going high for the past ten days. Accordingly, the August gold futures fell by 0.2% to end at Rs. 53,065 per 10 grams on the multi-commodity exchange. Subsequently, in the international market, spot gold traded at USD 1,965.90 per ounce. Investors still maintain a bullish stance on gold. The Federal Reserve has kept interest rates low, and they said that they’d keep it at that until they’re sure that the US economy has weathered the storm. The dollar has weakened considerably, and therefore, the position of gold further strengthened.
Silver futures fell by 2% and ended at Rs. 63,909 per kg.
USD/ INR- Sensex Today
The Indian equity market further fell by 0.88% on 30th July. Accordingly, there was a 335.06 points decrease in the Sensex, and it was at 37,736.07 by 3:40 PM IST. Likewise, Nifty also saw a decline of 0.90% and settled at 11,102.15.