Mumbai, Jul 15 (PTI) The Indian rupee strengthened by 12 paise to 74.47 against the US dollar in early trade on Thursday, as a dovish US Fed pulled the greenback lower.

.New York, NY, USA
The Nasdaq Composite Index, which is dominated by technology, fell 0.2% to 14,644.95. (Photo Credit: AP)

  • The S&P 500 and Dow closed higher as Federal Reserve Chair Jerome Powell reiterated that stimulus will continue
  • The Dow Jones Industrial Average was up 0.1% at 34,933.23
  • Inflation may jeopardise market momentum and weaken the Fed's credibility

.Washington D.C., DC, USA
The S&P 500 and Dow posted slight gains at the close of US trading on Wednesday. (Photo credit: Envato Elements)

  • Federal Reserve chief maintained a dovish stance on monetary policy
  • Producer price index data showed an increase of 7.3% for the 12 months ended in June
  • Investors are on red alert over global inflation as galloping prices could force policymakers to raise interest rates

Mumbai, Jul 14 (PTI) Halting its three-day winning run, the rupee on Wednesday declined by 10 paise to close at 74.59 (provisional) against the US dollar.

Mumbai, Jun 23 (PTI) The rupee snapped its two-day losing streak to settle 10 paise higher at 74.27 against the US dollar on Wednesday, tracking a weak greenback overseas.

.Washington D.C., DC, USA
Federal Reserve Chairman Jerome Powell.(Photo Credit: AFP)

  • Powell said substantial progress remains "way off"
  • FOMC members pushed growth projections to 7%
  • Powell said the numbers do not represent the committee's plan

.Washington D.C., DC, USA
Janet Yellen's comments sent stock prices tumbling. (Photo Credit: AFP Photo)

  • Interest rates may have to increase "somewhat" to keep a lid on inflation, said Janet Yellen
  • Yellen agreed price spikes will be temporary
  • She stressed that she "respects the independence of the Fed"

.New York, NY, USA
US economy is currently struggling with its revival in the pandemic. (Representational Image: Unsplash)

  • The world's largest economy still "has a long way to go," the Fed New York branch president said
  • He called it "welcome progress after the toughest period for the economy
  • He projected inflation will fall back to the central bank's two percent target in 2022

.Washington D.C., DC, USA
The Federal Reserve is led by Jerome Powell as the chair (Photo Credit: Twitter @federalreserve)

  • Price index for personal consumption expenditures (PCE) rose by 2.3%
  • The Fed has pledged to keep its stimulative policies in place
  • Federal government spending jumped nearly 14% in the quarter

.Washington D.C., DC, USA
US economy is currently struggling with its revival amid the pandemic. (Picture Credits: Representational Image/Unsplash)

  • Powell said it is too soon to take out the federal resources fed into it to revive itself
  • He highlighted the Fed's commitment to keep the lending rate near zero
  • Powell said prices will increase in the coming days as businesses build back