Crude Oil - Dec 16, 2020 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices are trading marginally weak this early Wednesday afternoon trade weighed down by a surprise gain in crude oil inventories in the United States.
Crude inventories rose by 2 million barrels in the week to Dec. 11 to about 495 million barrels, according to industry group API. Official data due tonight and a poll suggests that the market is expecting a draw of 1.9 million barrels.
Markets sentiments also remained weak as investors continued to worry about demand for fuel amid tighter lockdowns in Europe to curb the virus from spreading further.
Rupee climbs 5 paise to 73.58 per US dollar
Brent crude futures, the global oil benchmark, rose 0.26 per cent to USD 50.89 per barrel.
By Mansoor| Published: 16th December 2020 6:01 pm IST Image: Indian Rupees.
Strong domestic equities also strengthened investor sentiment, traders said.
At the interbank forex market, the rupee opened at 73.49 against the US dollar and witnessed an intra-day high of 73.48 and a low of 73.60.
The local unit finally closed at 73.58 against the American currency, registering a gain of 5 paise over its previous close.
On Tuesday, the rupee had depreciated by 8 paise to end at 73.63.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.35 per cent to 90.15.
Crude Oil - Dec 15, 2020 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International crude oil prices are trading lower on Tuesday morning and early afternoon trade in Asia as tighter lockdowns in Europe and a forecast for a slower recovery in demand next year.
Prices also ignored optimism surrounding the vaccination rollouts and concerns about a flare-up of tension in the Middle East.
Markets will await the inventory data this week starting from the American Petroleum Institute on Tuesday and the Energy Information Administration on Wednesday.
Data could show that U.S. gasoline inventories rose by 1.6 million barrels last week, while distillate inventories, which include diesel and heating oil, rose by 400,000 barrels.
Silver - Dec 15, 2020 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International and domestic silver prices are trading higher on Tuesday morning and early afternoon trade, tracking gains in gold.
Technically, LBMA Silver Spot took a support near 21 Daily Moving Average and it started to trade above $24.00 levels. Further could see $24.57-$24.85 levels. Support at $23.58-$23.00 levels.
Technically, MCX Silver March started to trade above 64000 levels where breakout above 100-DMA is awaited above 64400 levels. However, below these levels indicate a sideways to marginal downside momentum to continue below 63000 levels up to 62050-60700 levels. Resistance is at 64800-65800 levels.
Rupee - Dec 15, 2020 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee depreciated marginally against the dollar this Tuesday tracking weakness in most regional currencies as risk appetite waned as many countries are imposing fresh Covid-19 restrictions which could derail a global economic recovery.
The Rupee ended at 73.64 to the dollar compared with 73.58 close on Monday.
Investors also refrain themselves from taking large positions ahead of the Fed monetary policy decision due tomorrow.
Along with the Fed, we have the BoE and BoJ monetary policies this week and their forward guidance on the respective economies will be keenly awaited.