{"id":464395,"date":"2026-05-24T05:41:13","date_gmt":"2026-05-24T05:41:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/464395\/"},"modified":"2026-05-24T05:41:13","modified_gmt":"2026-05-24T05:41:13","slug":"us-iran-peace-talks-melody-frenzy-fuel-price-hike-rbis-liquidity-push-q4-earnings-the-week-that-was","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/464395\/","title":{"rendered":"US-Iran Peace Talks, ‘Melody’ Frenzy, Fuel Price Hike, RBI’s Liquidity Push, Q4 Earnings \u2014 The Week That Was"},"content":{"rendered":"

The Week That Was:\u00a0The third week of May witnessed a host of significant developments that could shape the next few weeks of the new fiscal 2026-27 (FY27). Amid the current geopolitical trends <\/a>and volatile movement of financial indicators, several high-stakes developments kept the week buzzing for the global economy and domestic market. Some of these were the US-Iran peace talks, heatwave conditions in India, RBI’s liquidity push, fuel price hikes, PM Modi<\/a>‘s Italy visit, and many more. The Indian Rupee hit fresh lows last week, however the central bank intervened to stabilise the currency against the US dollar.<\/p>\n

Here’s a recap of the week that was:<\/p>\n

ALSO READ:\u00a0A $100 Billion Deficit Gap: Rupee Reels Under Global Oil Shock, RBI Swap Not Enough – Warns UBS Expert<\/a><\/p>\n

Markets on home turf<\/p>\n

Domestic equity benchmarks posted weekly gains led by IT and financial shares, as signs of progress in talks between the US and Iran to end the nearly three-month-long war supported market sentiment. NSE\u00a0Nifty 50\u00a0rose 0.27%<\/a> to 23,719.3 while the BSE Sensex gained \u200b0.31% to 75,415.35. The indexes rose 0.3% in the week but are \u2060still down 5.8% and 7.2%, respectively, since the war started. Nifty settled above its 50-day \u200bmoving average for the first time in two weeks, signalling an improvement in sentiment.\u00a0The rupee has weakened more than 6% since the Iran war began, pushing up crude. The Indian currency has fallen to consecutive record lows, including an all-time low of 96.96 per dollar on Wednesday.<\/p>\n

RBI’s Liquidity Push<\/p>\n

The Reserve Bank of India has transferred an all-time high dividend of Rs 2.86 lakh crore<\/a> to the Centre amid the ongoing global headwinds. The record surplus transfer would cushion the government’s finances at the start of financial year 2026-27, as the government gears up to tackle the challenge of elevated global energy prices and stabilise the depreciating rupee against the dollar. The dividend transfer, though marking a new record, is at the lower end of analysts’ estimates.<\/p>\n

In the preceding financial year, ended March 31, 2025, the central bank had transferred Rs 2.69 lakh crore to the government. This was preceded by a payout of Rs 2.11 lakh crore in FY24. Earlier in the week, forex traders said the central bank will conduct a dollar\/rupee buy\/sell swap auction of $5 billion for a tenor of three years. The swap followed a review of current and evolving liquidity conditions, the central bank said, and comes as it continues to defend a rapidly weakening rupee by selling dollars from forex reserves.<\/p>\n

ALSO READ:\u00a0Fuel Prices To Jump By Rs 10\/Litre? Experts Warn Of Cumulative Hikes In FY27 Amid War-Led Inflation<\/a><\/p>\n

PM Modi’s Italy Visit<\/p>\n

Prime Minister Narendra Modi gifted a packet of ‘Melody’ chocolates to Italian Prime Minister Giorgia Meloni, in a moment captured in a video shared by the Italian leader on Wednesday, May 20. In the clip, Meloni is heard saying, “Prime Minister Modi brought us a gift, a very, very good toffee,” before the two leaders smile and jointly say, “Melody.”<\/a><\/p>\n

The video quickly gained traction online, amassing over 8.3 million views within less than an hour of being posted. The exchange has drawn attention online, reflecting the personal rapport between the two leaders. Their warm and informal interactions have, in recent months, sparked widespread interest on social media, with the portmanteau ‘Melodi’ blending their surnames.<\/p>\n

Fuel Price Hike<\/p>\n

Petrol and diesel prices were raised by 87-91 paise per litre on Saturday, taking the cumulative increase in retail fuel rates to nearly Rs 5 per litre <\/a>in under 10 days as state-owned oil marketing companies passed on losses amid soaring international oil prices. Alongside, compressed natural gas (CNG) prices were raised by Re 1 per kg, marking the third increase in a duration of nearly two weeks and taking the cumulative hike to Rs 4 per kg.<\/p>\n

Petrol price was increased by 87 paise in Delhi to Rs 99.51 per litre from Rs 98.64 earlier. Similarly, diesel price was hiked by 91 paise to Rs 92.49 a litre from Rs 91.58 previously.\u00a0Earlier this month, OMCs ended the hiatus in fuel rate revision, stoking concerns over inflationary pressures and higher transportation costs across the economy.\u00a0Petrol and diesel prices were increased by Rs 3 per litre each on May 15 and 90 paise a litre on May 19.<\/p>\n

ALSO READ:\u00a0Rupee Extends Recovery To Move Below Rs 96 Per US Dollar On RBI Intervention, Cooling Crude Oil<\/a><\/p>\n

Crude Oil Prices<\/p>\n

Oil prices settled lower on a weekly basis but climbed on Friday, as investors worried that the US and Iran would be unable to reach a peace agreement that would allow shipping traffic to return to normal in the Strait of Hormuz. Brent crude futures settled at $103.54 per barrel, up 96 cents, or 0.94%.\u00a0The contract is up about 45% since the war started. US West Texas Intermediate futures finished at $96.60 a barrel, up 25 cents or 0.26%. Both had risen over 3% earlier in the session. The contract is up about 45% since the war started.\u00a0On a weekly basis, Brent was 5.48% lower and WTI was down by 8.37%.<\/p>\n

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