INR Nears One Month High As GDP Shows Strong Show

Published on Mar 01, 2024 12:42

The Indian rupee started on a firm note today after India`s GDP for the third quarter of the ongoing financial year accelerated impressively. The US dollar index also slipped as data from US Personal Consumption Expenditures (PCE) yesterday showed that annual inflation in January was the lowest in three years, increasing possibility of an interest rate cut by the Federal Reserve. The INR currently quotes at 82.86 per US dollar, up marginally on the day and approaching near one month high. India`s gross domestic product (GDP) grew 8.4% in the December quarter, as per data from Ministry of Statistics and Programme Implementation. This marks an impressive spurt compared to a growth of 7.6% in the June-to-September period. The growth rate of GDP during 2023-24 is estimated at 7.6% as compared to growth rate of 7% in 2022-23.