Rupee rises on foreign inflows and growth outlook
Key Highlights
The Indian rupee ended at 93.71 against the US dollar on Wednesday, marking a 6 paise gain from its previous close.
The Indian rupee strengthened against the US dollar on Wednesday, ending the session at 93.71. This provisional closing figure represents a gain of 6 paise compared to the previous close of 93.77 on Monday.
The currency movement followed foreign institutional investors buying securities worth Rs 7,212.22 crore in Monday’s session. Easing crude oil prices also provided support to the rupee during the day. The currency reached a high of 93.63 and a low of 93.88 throughout the trading session.
Market sentiment remained influenced by Moody’s Ratings revising India’s FY27 growth forecast upward to 7% from 6.5%. The agency cited broad-based economic momentum and resilience against energy supply shocks as factors for this change. It stated that strong macroeconomic fundamentals and improved investment dynamics position the economy to sustain growth near 7% over the medium term.
Globally, the British pound weakened against the US dollar on Wednesday. This shift occurred as expectations for an interest rate hike by the US Federal Reserve increased following consumer inflation data that exceeded initial projections.
Based on company and agency reports. For information only; not investment advice.