INR SLIPS LOWER ON DISAPPOINTING MACROS; POSITIVE EQUITIES LIMIT DOWNSIDE

Published on Sep 02, 2024 17:38

The Indian rupee declined 7 paise to close at 83.92 (provisional) against the greenback on Monday on disappointing domestic macroeconomic data. India`s GDP growth for the April-June quarter of fiscal 2024-25 hit a 15-month low of 6.7 percent compared to 8.2 per cent in the year-ago period due to soft government spending and low consumer spending, according to data released by the National Statistical Office (NSO). However, positive domestic markets, wherein both the benchmark indices scaled lifetime high levels and foreign fund inflows cushioned the downside. The benchmark 30-share BSE Sensex ended the session up 194.07 points, or 0.24 percent, at 82,559.84, after having hit a record high of 82,725.28 during the intra-day trade. Similarly, the broader NSE Nifty index closed up by 42.80 points, or 0.17 percent, at 25,278.70 after hitting a new high of 25,333.65 in the morning. Moreover, easing crude oil prices and weakness of the American currency in the overseas market supported the local unit and restricted further slide.