USD/INR: The rupee edges higher against the US Dollar

USD/INR- The Asian currencies eased after Trump tested positive for the coronavirus. The rupee was at 73.30 against the Dollar at 9:13 PM IST on 2 October. Further, the Indian rupee reached the highest of 73.02 and the lowest of 73.62 yesterday. The domestic equity market was on holiday on account of Gandhi Jayanthi.

USD/INR: Oil Prices

The US WTI crude fell by 0.9% and was at USD 38.36 per barrel at 00:55 GMT on 2nd October. On the other hand, Brent Crude decreased by 0.9% and was at USD 40.57 per barrel. The oil prices further fell because of the worsening pandemic dampening the hopes for an increase in the demand. Additionally, the increased production of crude along with the lack of demand adds to the concerns. Also, the worry that countries might tighten restrictions to control the virus added to the volatility of prices in the oil market.

USD/INR – Gold Prices

Gold futures fell for the third time this week. Accordingly, gold rates increased by 0.13% to Rs. 50,470 per 10 grams on the multi-commodity exchange. Likewise, Silver futures rose by 2.05% to Rs. 61,145 per kg. In the global market, gold traded 0.4% higher at around USD 1,913.90 per ounce. The gold prices recovered today after the US President Donald Trump announced that he and the first lady Melania Trump tested positive for the coronavirus. Analysts say that the uncertainty regarding the upcoming US elections will strengthen gold. Gold was at its peak in August but had been falling for the past few weeks.

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