INR CLINGS ONTO GAINS AS LOCAL STOCKS HIT RECORD HIGHS

Published on Mar 01, 2024 17:45

The Indian rupee saw good gains 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) 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 closed at 82.88 per US dollar, up marginally on the day and approached near one month high of 82.84 per US dollar in intraday moves. 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. Local stocks solid good gains as firm economic outlook on the local front following latest GDP data and supportive global cues boosted sentiments. Benchmark indices the Sensex and the Nifty hit fresh record highs of 73,802 and 22,350 amid broad-based buying across sectors.