INR

93.196

United States Dollar

The Indian Rupee was trading at 61.75 against the dollar, phenomenal gain of 163 paise over Wednesday's close.

The dollar weakened across global currencies as the Fed decided to keep buying bonds to the tune of $85 billion, even as investors and economists believed that the Fed would reduce that quantum by at least $10 billion-a-month.

However, it failed to reduce its bond buying programme saying it will wait for "more evidence that progress will be sustained" before it starts to cut its asset purchases. The move was pleasantly surprising as economists and analysts in general were expecting a taper to the tune of $10 billion.

The rupee has now hit the highest levels since August 12 and analysts say that it could easily head past the 60 levels.

On Friday, the rupee will react to the RBI's Monetary Policy and take cues for the next week from there.

Most of the emerging market currencies gained ground today on the Fed inaction on its asset purchase programme. Check currency rates here

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