MUMBAI: The rupee on Thursday hit a fresh 9-1/2 year high before ending at 39.3100/3150 a dollar, marginally higher from the previous close of 39.32/33 buoyed by the U.S. Federal Reserve’s rate cut on Wednesday amid a slide in equity market.

Initially, the local currency touched a new 9-1/2 year high of 39.22. In active trade at the interbank foreign exchange market, the rupee moved in a range of 39.22 and 39.34 during the day after resuming firm at 39.22/24.

Initially, surge in the currency against the dollar was largely attributed to a 25 basis point rate cut by the U.S. Federal Reserve on Wednesday and a strong rally in equity market on Thursday. — PTI