USD/INR- The Indian Currency opens on a firm note but due to the strong dollar, the Indian rupee will likely continue to remain week. Accordingly, it settled at 74.13 on 24 June. The Indian rupee traded between 74.114 and 74.270 today. On the other hand, the dollar index decreased today. Accordingly, its value fell and settled at 91.61 as of 9:37 AM EDT Wednesday.
The lockdown imposed in India resulted in the worst contraction of the economy and mildly affecting the currency. The Indian currency is losing against the surging US Dollar. The US Dollar is getting strong following the US Federal Reserve’s surprise to the market that signalled the interest rate hike in 2023.
USD/ INR: Oil Prices
The US WTI crude oil prices are highly volatile. Furthermore, with the ongoing oil demand concern and the growing coronavirus pandemic, it is highly uncertain and its value decreased today. Also, recent studies predict that the oil demand will not reach the pre-crisis level until 2023. Further, studies and expert hint that carbon trade might take over and grow 10 times bigger than the global crude oil market. Accordingly, crude oil decreased by 0.27% at 6:30 PM on 24 June to trade at USD 72.88 per barrel globally. Similarly, Brent Crude was set at USD 75.07 per barrel and traded at a rate of 0.16% lower.
USD/ INR- Gold Prices
Precious metal prices increased in India during the relaxations. Accordingly, gold futures increased by 0.01% or 7.00 Rupees to settle at 47079.00 per 10 grams on the multi-commodity exchange. Similarly, Silver futures increased by 99.00 Rupees or 0.15% to settle at Rs. 66789 kg. The decline is attributed to the pressure from the stronger dollar and the unexpected lockdown. Also, the resurgence of the 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 1780 per ounce in New York. On the other hand, Silver traded at USD 25.96 per ounce.
USD/ INR- Sensex Today
The BSE Sensex rose and ended in the red on 24 June. Accordingly, Sensex increased by 0.75% or 392.92 points. Thereby ending the session at 52699.00 at 4:10 PM IST Thursday. At the same time, the NIFTY increased by 0.66% or 103.50 and ended up at 15790.45.