The American Dollar Index (DXY) measured against a basket of six major currencies on an average has spiked to a nearly two-year peak on Tuesday, mostly catapulted by a cascade of hawkish remarks from US Fed policymakers including the Fed Governor Lael Brainard who is often contemplated as one of the most dovish Fed policymakers, while Fed officials also had underscored the significance of a quicker downsizing of the Central Bank’s ballooning balance sheet, eventually adding to a bullish breeze for the greenback .

Citing statistics, in the day’s FX market wind-down, the US Dollar Index (DXY) measured against a basket of six major currencies, rose 0.51 per cent to 99.38 after hitting a nearly two-year peak of 99.52 earlier in the day, a level never seen since late May 2020 .