India, March 6 -- Cryptocurrencies rallied in the past 24 hours amidst the Dollar Index declining to a 4-month low and the European Central Bank cutting rates again on Thursday.
The six-currency Dollar Index (DXY) which measures the U.S. Dollar's strength against a basket of six currencies is currently at 104.03, a level last recorded in November 2024. The index ranged between 103.86 and 104.28 during the day versus the 52-week range of 100.16 to 110.18.
The dollar has been dragged down by concerns about the new tariffs negatively impacting growth in the U.S. economy. The slide in the Dollar Index came also amidst the strength in the euro which has weightage of 57.6 percent and in the Japanese yen, which has a weight of 13.6 percent in th...