The US dollar fell against most of its counterparts on Friday, ahead of the release of key US economic data, while markets follow the latest updates of the coronavirus pandemic.

The coronavirus crisis continued to escalate in India especially after a new mutated strain of the virus emerged in the country, which is more severe and faster to spread.

Recent economic data in the US signaled a rise in inflation, which raised market concerns.

The US retail sales reading will be released later today, which shows the levels of spending and consumption in the US economy.

Data also showed a jump in the US consumer price index and the producer price index this week, which signals that inflation will rise above the Fed's target soon.

The dollar index fell against a basket of major currencies by 0.3% to 90.5 points as of 11:01 GMT, after hitting a high of 90.8 points and a low of 90.4 points.

US stock indices rose on Thursday, after the release of upbeat economic data, with Dow Jones closing above 34,000 points again.

The US unemployment claims fell to 473,000 last week, beating forecasts of 487,000.

The US producer price index rose 0.6% last month, higher than forecasts of a rise by 0.3%.

To the oil market, WTI crude June futures fell 3.4% or $2.26, and closed at $63.82 a barrel, after hitting a high of $65.8 and a low of $63.8.

Brent July futures fell 3.3% or $2.27, and closed at $67.05 a barrel, after hitting a high of $69.04 and a low of $67.2.

As for stocks, Dow Jones rose 1.3% or 433 points, and closed at 34,021, with a day high of 34,181, and a low of 33,623.

Nasdaq rose 0.7% or 93 points to 13,124, with a high of 13,247 and a low of 13,007.

S&P 500 rose 1.2% or 49 points to 4,112, after hitting a high of 4,131 and a low of 4,074.

The British pound fell against the US dollar on Thursday amid focus on the bond market movement.

This came after US data signaled a rise in inflation, which lifted the US Treasury bond yields.

The British pound recently drew support form the success of the British government led by Boris Johnson in containing the Covid-19 outbreak, thanks to distributing millions of vaccines, which helped the UK to ease the lockdown restrictions.

Data showed yesterday that the first reading of the UK's GDP contracted by 1.5% in the first quarter, better than forecast of a contraction by 1.6%.

While the monthly GDP reading showed a growth of 2.1% in April, beating forecasts of a growth by 1.5%.

As of 18:46 GMT, GBP/USD fell 0.1% to 1.4038, after hitting a high of 1.4079 and a low of 1.4006.

Silver prices fell on Thursday, as the US dollar held against most of its rivals, while the retail investors turned to stocks.

The US unemployment claims fell to 473,000 last week, beating forecasts of 487,000.

The US producer price index rose 0.6% last month, higher than forecasts of a rise by 0.3%.

The dollar index held against a basket of major currencies at 90.7 points as of 19:00 GMT, after hitting a high of 90.9 points and a low of 90.5 points.

Data showed that the US consumer price index rose 0.8% in April, beating forecasts of a rise by 0.2%.

Silver July futures fell 0.7% and closed at $27.06 an ounce.