USD/ INR: Rupee Weakens Against the US Dollar

USD/INR- Rupee value was at 73.55 as of 11:06 PM IST on 22nd September. During the session, the rupee witnessed the highest of 73.20 and the lowest at 73.80. The rupee tracked weakness after losses in the domestic equity market and a strong dollar. The dollar strengthened after renewed concern of the virus and the new lockdown measures in many parts of Europe.

USD/ INR: Oil Prices

The US WTI crude for October rose by 1.5% to USD 39.89 and was trading at USD per barrel on 22nd September. On the other hand, Brent Crude increased by 1.5% was at USD 42.06 per barrel at 13:43 GMT. Even though there were renewed restrictions due to the virus in places like Britain, many felt that the demand would increase as the restrictions will be more localized. Therefore, they will not cause enormous scale disruption, but they will significantly slow the pace of the increase in demand.

USD/ INR- Gold Prices

Gold prices decreased on 22nd September. Accordingly, October gold futures decreased by 0.14% to Rs. 50,400 per 10 grams on the multi-commodity exchange. Likewise, Silver futures fell by 0.5% to 61,011 per kg. The governments around the world are cautious about rolling out stimulus as the cases might further soar. Gold is considered as haven currency at times of economic uncertainty and therefore, has increased by almost 26% this year.

USD/ INR- Sensex Today

The Sensex further fell for the second day in a row. That is, it was down by 0.79% and saw a 300.06 point decrease. Accordingly, it ended at 37,734.08 at 3:40 PM IST on 22nd September. Also, the NIFTY saw a fall of 0.86% or 96.90 points and ended up at 11,153.65. The investor sentiment dampened over concerns of new restrictions to deal with the rising number of coronavirus cases.

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