INDIAN RUPEE NEARS 83 PER US DOLLAR MARK IN EARLY MOVES

Published on Jan 09, 2024 11:48

The Indian Rupee is currently hovering around 83.10 per US dollar mark as a recovery in local equity markets following a setback at the start of the year is supporting the sentiments. The Indian Rupee neared 83 per US dollar mark today in early moves and currently quotes at 83.12, almost unchanged on the day. Meanwhile, the United Nations World Economic Situation and Prospects Report 2024 on Friday revised India�s gross domestic product (GDP) growth estimate for the 2024 calendar year to 6.2%, compared to 6.7% earlier. However, it noted that economic growth in India is projected to remain strong following an estimated expansion of 6.3%in 2023, mainly supported by resilient private consumption and strong public investment. The US dollar index holds around 102 mark, trapped in a tight range ahead of the US inflation reading tomorrow. On the NSE, the USDINR futures are quoting at 83.18, down marginally on the day. An early decline to 83.10 mark was followed by some steady upside movement.