Globally, Oil prices rose in early Asian trade on Thursday after the U.S. Federal Reserve raised interest rates by 25 basis points, sending the dollar lower.Brent crude futures rose 56 cents, or 0.7%, at $83.40 a barrel while West Texas Intermediate (WTI) U.S. crude futures rose 65 cents, or 0.8%, to $77.05 a barrel.The dollar tumbled on Thursday after the U.S. Federal Reserve said it had turned a corner in the fight against inflation, giving markets a confidence boost that the end of its rate-hike campaign is near.Investors took a dovish cue from Fed Chair Jerome Powell's remarks on Wednesday that "the disinflationary process has started" in the world's largest economy, although he also signaled that interest rates would continue rising and that cuts were not in the offing.The Fed's statement on Wednesday, which came after the conclusion of its two-day policy meeting where policymakers agreed to raise rates by 25 basis points, marked the central bank's first explicit acknowledgment of slowing inflation.The dollar dived following Powell's remarks, and against a basket of currencies, the U.S. dollar index fell to a fresh nine-month low of 100.80."(Powell) said that rates are going to have to be restrictive for some time, but that doesn't dissuade the market from saying some time might be six months, rather than two years."Asian stocks jumped on Thursday,The focus will now switch to European Central Bank (ECB) and Bank of England (BOE) meetings scheduled for Thursday and the interest rate path the two central banks are likely to take.The S&P 500 and the Nasdaq closed sharply higher on Wednesday,The afternoon rally had the S&P registering its highest closing level since Aug. 25 while the Nasdaq posted its highest close since September.Gold prices rose to a nine-month high on Thursday after rallying sharply in the prior session.The yellow metal largely outperformed its peers this week, with the Fed meeting serving to increase gold’s appeal as a safe haven. Gold prices surged over 1%.Spot gold rose 0.2% to $1,954.17 an ounce. Rupee remained highly volatile after the budget and ongoing fiasco in Adani group as shares crashed 35% during the session, putting some pressure on domestic currency. Going forward as dollar index eases, the rupee will find support around these levels.
With Inputs from Reuters
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