Rupee trade on May 21, 2021 opens higher at 72.98 higher on probable stock market gains. The day before, the rupee ended at 73.1 to the US dollar. The US dollar index has now fallen below 90 which can be another problem for the greenback.
The weakness in the US Dollar Index may be positive news for Indian markets, as Nifty has historically been shown to share a negative relationship with the US Dollar.
In the bond market, the yield on benchmark 10-year government bonds rose to 5.969%. On Thursday, May 20, 2021, the RBI proceeded with the purchase of government securities under G-SAP, a decision that was made during the RBI’s previous monetary policy announcement.
Oil prices edged up on Friday after falling for 3 days, with investors taking into account the return of supplies from Iran after the United States and Iran move forward on a nuclear deal. Brent futures for July rose 10 cents, or 0.2%, to $ 65.21 a barrel at 0032 GMT, while US West Texas Intermediate for July was at $ 62.16 a barrel, up 22 cents, or 0.4%. But on a weekly basis, the product is expected to experience its worst weekly loss since March.
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