Mumbai: The Indian rupee surged against the US dollar today. As per market experts, the drop in the 10-year government bond after a dovish US Federal Reserve outcome has influenced investors. The yield on 10-year US Treasuries fell below 4% for the first time since August as the Treasury market saw its biggest one-day rally on Wednesday. The 10-year yield traded at 3.998%. The US dollar and the treasuries yields declined after the Fed signaled that the interest-rate hike cycle has come to an end while forecasting lower borrowing costs in 2024.
At the Interbank foreign exchange, Indian rupee opened 13 paise higher at 83.27 a dollar. Indian rupee settled at 83.40 a dollar on Wednesday.
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The US dollar index, which measures the strength of US currency against a basket of currencies, fell 0.34% to 102.52.
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