INR Off Recoed Low, NIFTY Hits Record High

Published on Dec 01, 2023 12:47

The Indian rupee edged up a bit from record low amid positive cues from local equities. INR dipped in last session despite dollar weakness overseas as momentum turned lax above 83.30 per US dollar mark. However, broad domestic economic undercurrent stayed firm. Moreover, domestic GDP growth in the September quarter turned in good performance. The Gross Domestic Product or GDP grew 7.6% during the July-September quarter of FY24 making India the fastest-growing major economy in the world. Stock markets perked up with the benchmark Nifty 50 index hitting a fresh record high on Friday. Yesterday, rupee snapped a two-day rising streak to settle 5 paise lower at 83.37 against the US dollar. The local currency currently trades at 83.34 per US dollar, up marginally on the day.