Oil Prices Drop, Equities Rise; Rupee May Strengthen Amid Dollar Rally Easing
Crude oil prices are easing, which is a positive sign for global markets. The decline in oil prices has led to an increase in equities, with major US indices like the Dow Jones and S&P 500 posting strong gains on Thursday.
Nvidia shares rose around 2.5% after CEO Jensen Huang said the company expects to sell twice as many chips next year compared with this year. The positive global cues are expected to support Indian markets, with the Sensex closing at 74,314.59 and the Nifty50 gaining 53 points on Thursday.
The rupee may strengthen today as the dollar rally loses momentum. The US dollar index closed at 100.25 on Thursday and eased slightly to 100.22 on Friday morning. Gold prices have resumed their upward movement, with gold futures gaining $77.70 or 1.82% to close at $4,342.70 per ounce.