The rupee surged 78 paisa to close at 85.97 per dollar, its biggest single-day gain in a month, supported by falling oil prices and improved risk sentiment after a ceasefire between Israel and Iran.
Wall Street experienced a sharp decline as the Federal Reserve maintained interest rates. AI-related chip stocks also saw further losses ahead of key earnings reports.
Federal Reserve Chairman Kevin Warsh stressed commitment to the 2% inflation target. He clarified there is no implicit inflation target above this for the committee
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