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INR Supported, overall action remains tight ahead of Union Budget

Published on Jan 31, 2024 12:22

The Indian rupee is witnessing tight trades ahead of key events globally and locally but largely stays supported. The US dollar rebounded, surging above 103 mark and hit seven-week highs near 103.50. INR currently quotes at 83.07, up marginally on the day. Meanwhile, India�s economic outlook remains well supported. The International Monetary Fund (IMF) has raised India`s FY25 and FY26 GDP growth forecasts and expressed optimism that the likelihood of a hard landing for the global economy has receded. The interim union budget and interest rate decisions from the U.S. Federal Reserve will be closely watched by currency market participants this week.

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