Indian Rupee Soars to Fresh Two-Week High Against US Dollar

The Indian Rupee (INR) has reached a fresh two-week high against the US Dollar (USD), trading near 95.30 due to a slump in the value of the Greenback.

The overnight decline in the US Dollar Index (DXY), which tracks the value of the USD against six major currencies, was around 0.9% on Thursday, reaching a low of 99.86.

Analysts at ING stated that the market's reaction to the Federal Reserve's press conference suggested that the Fed is not committed to fighting inflation as initially thought.

Fed Chair Kevin Warsh maintained a neutral tone during the conference, refusing to provide forward-guidance on interest rates. However, he emphasized the central bank's commitment to price stability and willingness to make necessary monetary policy adjustments to combat hot inflation.