Last week, the Rupee settled at 75.02. Today, there was an 11 paise appreciation in the value of the Rupee, and it finally settled at 74.91. The strong domestic equity market and a slight weakening of the American dollar could be the possible reasons for the current USD/INR values. Though the Rupee has seen gains, investors fear that the rising COVID cases are still a cause of concern.
USD/INR- Oil Prices Drop
Brent crude oil decreased by 0.8% and stood at USD 42.78 per barrel at 06.53 GMT. WTI crude oil declined by 34 cents and stood at USD 40.25 per barrel. The growing number of cases might cause countries to slow down economic reopening. Therefore, the demand for crude oil will take a hit. Also, increase concerns among oil producers that this could derail the recovery of the oil market.
USD/INR- Gold Prices Decline as Rupee Strengthens
Gold futures decreased by Rs. 61 and stood at Rs. 48,906 per 10 grams. According to HDFC Securities, there was a 271 rupee fall in gold rate in New Delhi and reached Rs. 49,729 per 10 grams. Despite surging Coronavirus cases, gold continues to remain the haven metal for investors.
USD/INR- Sensex Today
The Sensex ended 398.85 points higher at 37,418.99 today. Wipro and Infosys were the top gainers today. Both the NIFTY and Sensex earnings have been positive despite the spike in Coronavirus cases. Consequently, Nifty 50 ended 126 points higher at 11027.70 (up by 1.16%). The IT and banking sector have been the major contributors to this positive trend.
Britannia Industries, Bajaj Finance, HCL Tech, and UPL were the top gainers on the Nifty 50. While, Sun Pharma, Cipla, BPCL, declined on NIfty 50. On the other hand, on the Sensex, HCL Tech, Bajaj Finance, Bajaj Financial services were among the top gainers.