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Rupee strengthens for second straight session on Monday
Nov-25-2024

Continuing strong recovery momentum for the second day, Indian rupee ended stronger against dollar on Monday, buoyed by strong domestic equities and improved global risk sentiment. Traders overlooked report by S&P Global Ratings in which it has revised down its estimate for India's economic growth in the next two financial years, indicating high interest rate and lower fiscal impulse tempering urban demand. In an update to its economic forecast for Asia-Pacific economies after US election results, the rating agency projected a 6.7 per cent Gross Domestic Product (GDP) growth rate in 2025-26 financial year (April 2025 to March 2026) and 6.8 per cent in the following fiscal year, down from 6.9 per cent and 7 per cent, respectively in previous projections. On the global front, the dollar surrendered a little of its recent gains on Monday as investors assumed the pick for U.S. Treasury secretary would reassure the bond market and pulled yields lower, shaving some of the dollar's rate advantage.

Finally, the rupee ended at 84.30 (Provisional), appreciated by 11 paise from its previous close of 84.41 on Friday. The currency touched a high and low of 84.38 and 84.25 respectively. 


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