Dubai:
The Indian rupee hit its highest level in two years after the central bank decided to cut the policy rates by 25 basis points, which was in line with market expectations.
The Indian rupee rose to a high of 63.7575 rupees per dollar, its strongest level since Aug. 10, 2015.
The rupee has been one of the best performing currencies in the world, surging nearly 6 per cent year to date against the US dollar.
On Tuesday, the rupee had racked up strong gains to end at a fresh two-and-a-half month high of 64.07 against the US currency, appreciating by 12 paise on heavy dollar selling amid expectations of a rate cut by the Reserve Bank.