USD/INR closed 71.07 against its opening at 70.94. USD/INR closed down Thursday tracking weakness in greenback after dovish Federal Reserve's monetary policy.Rupee surged as dollar remained weaker after dovish tone by Federal Reserve regarding the rate hike.
The greenback remained subdued against it major peers after dovish Federal Reserve.The committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate" stated by Federal Open Market Committee.
Fed decided to maintain the target range for the federal funds rate at 2.25% to 2.50%.The dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 95.24 during early Asian trades Thursday compared to 95.81 at previous close.
Meanwhile, crude oil prices surged after US crude inventories data rose less than expected, showing the tightening in supply.Also, the US imposed sanctions on state-owned Venezuelan oil company PDVSA, to reduce the OPEC member's crude exports and relieve some global supply glut. Crude oil stocks change data released by Energy Information Administration dropped to 0.919 million compared to the 3.155 million expected by economist. Brent futures for March delivery traded 0.89% down at $62.18 a barrel on Thursday.
Sensex provisionally ends 646 points higher with 26 components in the green.