USD/INR- The Indian Currency closes close to 75 due to inflation concerns, however, it does not exceed 75 despite pre-fed woes. Accordingly, it settled at 74.50 on 16 November. The Indian rupee traded between 74.655- 74.910 today. As of now, the dollar inflow and the intervention from RBI weaken the upward trend of USD/INR. On the other hand, the dollar index increased today. Accordingly, its value rose and settled at 93.96 of 04:25 PM EDT Tuesday.
The COVID infection numbers drop steadily in India, owing to that the trade numbers are improving. Further, RBI hopes for economic recovery.
USD/ INR: Oil Prices
The US WTI crude oil prices are highly volatile. Oil refiners are beginning to face the margins affected due to the record high prices of natural gases in Europe and Asia. Also, the oil demand forecasts fall flat as the demand continues to grow. Owing to this, the prediction of oil prices is highly uncertain these days. The recent news is that the oil prices are set to rise high based on the huge crude inventory draw. Accordingly, crude oil decreased by 0.79% at 04:40 PM on 16 November to trade at USD 83.39 per barrel globally. On the other hand, Brent Crude was set at USD 84.23 per barrel and traded at a rate of 0.57% lower.
USD/ INR- Gold Prices
Precious metal prices are slowing rebounding in India, they are highly volatile trying to regain their momentum. The gold import in India has surged 8 times higher. As of Tuesday, gold futures decreased by 0.24% or ₹116.00 settles at ₹ 47787.00 per 10 gram on the multi-commodity exchange. At the same time, Silver futures fell by ₹ 386.00 or 0.60% to settle at ₹ 64405.00 kg. The scare of the emergence of the third wave of COVID-19 pandemic and the COVID-19 mutants kept precious metals’ prices on edge this year. In the international market, Spot Gold was trading at USD 1793 per ounce in New York. On the other hand, Silver traded at USD 23.95 per ounce.
USD/ INR- Sensex Today
The BSE Sensex fell and ended in the red on 16 November following the fall last week. Accordingly, Sensex decreased by 0.05% or 32.73 points. Thereby, ending the session at 60685.98 at 4:10 PM IST Tuesday. On the other hand, the NIFTY also decreased by 0.02% or 4.10 points and ended at 18105.40.