By Varinder Bansal, CNBC-TV18

The CBOE (Chicago Board Options Exchange) Volatility Index (VIX) is at its lowest since December. The CBOE VIX is a measure of volatility in US market.

The CBOE VIX is down 9.2% at 18.88; its lowest level since December. It has fallen nearly 50% from its 52-week high of 37.5. Historically, the spikes in volatility have lasted for 3-5 weeks. During the January correction in the market, the VIX saw a five-weeks of spike.

On the commodity scene, the dollar is short; the long commodity trades are getting unwound. Oil has fallen for the fourth consecutive day and declined 10% from all-time highs. Gold is trading at near 4-month lows; it’s down 18% from all-time highs.

Dollar has gained nearly 1% versus major currencies; it’s best level in more than one month.