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Rupee settles higher against dollar on Thursday
Sep-05-2024

Indian rupee settled higher on Thursday on weakening of the American currency in the overseas market and an overall drop in crude oil prices. Traders got support as Reserve Bank of India (RBI) Governor Shaktikanta Das said that India's growth story remains intact. He noted that the central bank’s 7.2 percent GDP growth projection for FY25 is not out of place and structural drivers are playing a bigger role in macroeconomic outcome. RBI Governor further said that data shows fundamentals of growth drivers are gaining momentum. On the global front, dollar touched one-month low against the yen and was under pressure against other major currencies on Thursday as growing concern over the U.S. economic outlook underpinned expectations of a supersized rate cut from the Federal Reserve next week.

Finally, the rupee ended at 83.97 (Provisional), stronger by 4 paise from its previous close of 84.01 on Wednesday. The currency touched a high and low of 83.98 and 83.97 respectively.

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