The Coronavirus that grows from China is becoming a challenge for the economy of the whole world. Stock markets around the world have been under pressure for some time. With this, the currency has weakened, so the price of crude oil has also fallen. On Friday, the price of crude oil fell by five percent. With this, one barrel of crude oil has come down to the low of $ 47.02. This is the lowest level since July 2017. Also, on the other hand, the domestic market has weakened the rupee against the dollar. On Friday, the rupee crossed 74 against the dollar in the domestic market. At the time of closing the business, it somehow managed to close below 74.
Oil drop edge In a meeting between OPEC and other oil-exporting countries, the group of oil-exporting countries had urged to reduce production. Along with this, which Russia has currently postponed. Crude oil demand has come down drastically due to the global economic slowdown. Due to no production cut, its price has started touching the ground. At present, the fall in the price of crude oil has also brought relief to developing countries like India for rising import expenditure.
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Pie is craving money India, under pressure on the current account deficit, may get some relief from cheaper crude oil before the rupee weakens against the dollar. The rupee has also steadily weakened against the dollar in the last two months. At the beginning of February this year, the rupee was trading at 71.18 against the dollar, which fell to a level of 73.79 on this Friday, and to a low of 74.08. However, a sharp fall in the rupee was seen after the 26th of the previous month. On this day, one dollar was at Rs 71.39, which reached the level of 72.53 by the end of February. After the corona patient appeared in the country this month, the pressure on both the stock market and the rupee has increased.
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Gold's brightness is increasing continuously Gold is getting the most benefit of this upsurge in the worldwide markets, which crossed the Rs 45,000 per 10 gram for the first time in the domestic market.
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