Euro soars to multi-year high as dollar value erodes; EURINR futures jump above 100 mark

Euro soars to hit fresh multi-year high against the dollar on Thursday, largely supported by sustained decline in the US currency since the start of this week. The single common currency is hovering at its highest level since September 2021, benefiting from tumbling dollar overseas. The dollar index plunged under 97 mark on Thursday, its lowest level in more than three years amid easing geopolitical tensions and expectations of Federal Reserve rate cuts. US President Trump mediated ceasefire between Israel and Iran reduced safe haven appeal for the greenback. However, Fed Powell said during his testimony before US Congress that tariffs could cause just a one-time jump in prices, but added that the risks of becoming persistent are enough for the central bank to keep interest rates unchanged. EURUSD is currently seen quoting at $1.1782, up around half a percent on the day. On NSE, EURINR futures are seen trading at 0.61%, soaring above 100 mark.

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