The dollar index bounces back above 99 mark on Thursday following a brief decline below the level in the last couple of days. Dollar firmed as surging oil prices heightened inflationary risks and reduced the likelihood of Federal Reserve (Fed) interest rate cuts. February US Consumer Price Index (CPI) released on Wednesday showed inflation rising 0.3% month-over-month and 2.4% year-over-year, largely in line with market expectations. Core CPI, which excludes food and energy, increased 0.2% MoM and 2.5% on year. US Personal Consumption Expenditures (PCE) will be eyed on Friday. The dollar index that measures the greenback against a basket of currencies is trading at 99.24, up 0.25% on the day. Basket currencies, EURUSD and GBPUSD are both losing ground by around 0.3% to the extent of dollar strength overseas.

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