While India is dealing with one of the worst health crises in its history, its leading stock indices are holding steady. The stability is likely linked to the rise in heavy commodity prices such as copper and aluminum. Indian heavy industry companies included in these indices are benefiting greatly from the increase in commodity prices. The share price in some heavy manufacturers is up by more than 20% over the month.
With the rise in commodity prices, the NRI has strengthened to yearlong highs against the USD. In contrast, the NRI is struggling to gain ground against its other major partners.