Rupee Trades Flat At 73.04, Crude Falls From $70 Per Barrel

Rupee in trade on May 19, 2021 (Wednesday) traded flat as weakness again lurks in Indian equities on weakness in Asian markets at one end, nonetheless dollar's weakness to multi-month low levels against major currencies hit in Tuesday's session, provided support to the domestic unit. Rupee on Tuesday closed at 73.04 per US dollar.

Dollar's slump has been linked to a halt in treasury yield which has come against the backdrop of an expectation that the US Fed will unlikely hike interest rate any time in the near term.

In the bond market the yield on 10-year benchmark bonds which last closed at 5.976 percent headed.

Oil markets also are gaining traction with hopes on economic recovery and likely boost up in demand which crawled down heavily amid the pandemic crisis. In Tuesday's trade, the prices however fell from over $70 per barrel, a 2-month high, by 2 percent on the reports that US and Iran have progressed on reinstating the deal which restricts development of nuclear weapons in Iran, the move that shall bring back more oil barrel into this commodity market.

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