The Indian rupee strengthened against the US dollar on Friday, closing at 94.89 in provisional trade. The currency gained 37 paise compared to its previous close of 95.26 on Thursday. This movement occurred alongside easing US bond yields and a softer dollar in global markets.
The Finance Ministry stated in its October Monthly Economic Review that India’s economic activity expanded during the July-September quarter of the current fiscal year. The report estimated GDP growth at 7.35% for the period, following a 7.8% growth rate in the first quarter. The ministry noted that growth should remain supported through the year by investment activity, domestic demand and structural reforms.
Traders disregarded capital outflows from foreign institutional investors, who were net sellers of securities worth ₹943.60 crore on Thursday. Meanwhile, the Japanese yen also strengthened against the US dollar after the Bank of Japan maintained its policy rate at 1.25%. During the session, the rupee reached a high of 94.89 and a low of 95.28.
Based on company and agency reports. For information only; not investment advice.