Indian Rupee jumped near two month high against the US dollar today, adding to its recent spree of gains as global monetary policy dynamics took centre stage and local equities stayed broadly supported. INR hit 83.56 per US dollar in intraday moves and is up 20 paise at 83.56 per US dollar compared to previous close. INR has been gaining after testing record lows around 84 per US dollar few days ago. Meanwhile, the key equity indices traded with major gains in early trade, mirroring global cues. The Nifty traded above the 25,550 mark. All the sectoral indices on NSE were in the green with IT, realty and bank shares gaining the most. The Sensex and Nifty clocked an all-time high of 83,359.17 and 25,587.10 respectively in early trade. The US Federal Reserve made a significant policy shift on Wednesday, cutting interest rates by 50 basis points. This marks the first rate cut in over four years, signaling a potential easing of the restrictive monetary policy implemented to combat inflation. The Fed also hinted at two more 25-basis point cuts this year, but market sentiment suggests more aggressive easing could be on the horizon. US dollar index fell under 100 mark for a while following this, testing lowest in 14 months. DOW hit fresh record highs but eased in intraday moves after the Fed decision and Powell comments.
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First Published: Sep 19 2024 | 1:24 PM IST
