Indian firms are opting for cross-currency swaps to convert part of their rupee debt into dollars in an attempt to trim borrowing costs as U.S. interest rates decline, six bankers told Reuters.

Look at Currency ETFs which provide exposure to currencies relative to the greenback, as rate cuts, gold purchases by Central Banks and the momentum toward "de-dollarization" increase the likelihood of the greenback losing its value.

The U.S. Dollar Index (DXY) fell 0.15% last week and closed at $101.11 on Friday as speculations rose that the Federal Reserve might jumpstart rate cuts this we

By Bharath Rajeswaran BENGALURU (Reuters) -Indian shares climbed to a record high on Thursday, led by information technology stocks after the U.S. Federal Reserve kicked off its monetary easing cycle with a large half percentage point rate reduction.

Chief Economic Advisor V. Anantha Nageswaran stated that the Federal Reserve's rate cut could have a positive impact on the global economy. However, he noted that its effect on India would be marginal.

The Federal Open Market Committee voted 11 to 1 to lower the federal funds rate to a range of 4.75 percent to 5 percent, after holding it for more than a year at its highest level in two decades.

Some analysts had said the 50 basis point cut was already priced in by the market, but others said it would be positive for emerging markets such as India, bringing greater foreign inflows over time.

GIFT Nifty at 25,453.5 points, analysts predict market boost from Fed rate cut, Indian IT and pharma in focus.