RUPEE HOLDS IN TIGHT RANGE AHEAD OF SEPTEMBER QUARTER GDP RELEASE

Published on Nov 30, 2023 12:25

The Indian Rupee is staying stuck in a narrow range around record low levels in opening trades on Thursday. Yesterday, rupee appreciated by 2 paise to close at 83.32 against the US dollar on Wednesday in its second straight day of gains. The local currency is now holding down slightly at 83.34 per US dollar. Buoyant Indian markets in the previous session coupled with weakness in dollar overseas and sliding crude prices supported the unit. The US dollar index is holding around 102.70 mark, rising modestly in last session but maintaining a very choppy moves ahead of key economic data in the form of core Personal Consumption Expenditure (PCE) Price Index for October. On the domestic front, GDP for the second-quarter is due later today. The Reserve Bank of India (RBI) has projected a growth rate of 6.5 per cent during Q2 FY24.