Indian Rupee Strengthens to Four-Week High on Strong GDP Data
The Indian rupee rallied to a four-week peak against the U.S. dollar, driven by better-than-expected quarterly GDP growth of 7.8 percent. The positive economic data helped offset broader regional market weakness and global investor caution.
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Rupee gains 26 paise as 7.8% GDP growth offsets global market jitters
On Tuesday, the Indian Rupee showcased its strength, appreciating against the US dollar. This upward shift is attributed to vigorous domestic economic growth alongside strong portfolio inflows. Notably, the rupee found temporary support from MSCI-related investments, overcoming the initial sluggishness in domestic stocks and foreign institutional selling. This performance reflects India's robust economic resilience in the face of global uncertainties.
By SHIVANGHI PAYAL
Read full article →Rupee jumps to 4-week high, ends at 95.16 to the dollar
The Indian rupee appreciated by twenty-one paise against the dollar on Monday, surprising traders with the sudden influx related to equity index movements. An early intervention by the Reserve Bank of India solidified the rupee's stronger position. Anticipated changes in MSCI rebalancing alongside raised stock weights are set to attract further capital inflows. Banks intensified their efforts to gather FCNR(B) deposits, reinforcing the RBI's stability.
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