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.

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.

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.

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.