Indian rupee strengthened against the US dollar on Thursday, though it opened tad lower. The domestic currency picked up after Quarter one GDP showed a jump by 13.5%, though gains remained capped as it came out less than widely anticipated. The currency also got buoyed with the wilting crude rates as the country imports over three-fourths of its oil needs. Albeit, hawkish US interest rate outlook, surging inflation and risk aversion boosted perceived safe haven appeal of the dollar paring gains of the domestic currency. Rupee in the previous session on Tuesday had marked its best one day gain in a year. On Wednesday, Indian money markets was closed on account of Ganesh Chaturthi.
The partially convertible currency is currently trading at 79.33, stronger by 19 paise from its previous close of 79.52 on Tuesday. The currency touched a high and low of 79.6600 and 79.3200 respectively.
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