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USDINR closed at 63.11 against its open at 63.35.
The benchmark BSE Sensex provisionally closed 1.52 percent higher, while the broader Nifty gained 1.61 percent, marking their biggest daily gains since Oct. 31.
World oil prices jumped as much as 6 percent before closing off their peaks as weeks of nearly non-stop selling abruptly halted
The U.S. Fed has offered a strong signal that it was on track to raise interest rates sometime next year, altering a pledge to keep rates near zero for a "considerable time" in a show of confidence in the U.S. economy.
Asian shares rally after U.S. stocks enjoyed their strongest session this year when the Fed sounded upbeat on the economy and promised to be patient in removing policy stimulus.
Russia managed to stabilise its rouble, if only for now, and oil prices eked out a rare bounce.
European Central Bank board member said there was support on the bank's policy-making council for more action, with sovereign bond purchases the "baseline option".
World oil prices jumped as much as 6 percent before closing off their peaks as weeks of nearly non-stop selling abruptly halted.
U.S. central bank looked firmly beyond economic difficulties in the euro zone, Japan and Russia and offered a mostly upbeat assessment of the U.S. economy's prospects.
Russia will take solace from Narendra Modi's assurance to Vladimir Putin that Russia will remain India's top defence supplier, although New Delhi may be increasingly sourcing military equipment from the US, Israel and France.
Crude oil below $60/bbl could temporarily push Japan into deflation, may lead to a surplus in the balance of trade, and increase the chances of easing.
The Union Cabinet late on Wednesday gave its assent to the long-delayed goods and services tax (GST), but that needs to be approved by Parliament before the levy can become reality.
OPEC Seen Resisting Cuts In Oil
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