Indian rupee ended higher on Thursday as the American currency and brent crude oil prices retreated from their elevated levels. Sentiments got a boost as the International Monetary Fund raised India’s FY25 GDP growth forecast by 30 bps to 6.8 percent from its January forecast of 6.5 percent, citing bullish domestic demand conditions and a rising working-age population. With this, India continues to be the fastest growing economy of the world, ahead of China's growth projection of 4.6 percent during the same period. Besides, UN Trade and Development (UNCTAD) in its report said that India grew by 6.7 per cent in 2023 and is expected to expand by 6.5 per cent in 2024, continuing to be the fastest-growing major economy in the world. On the global front, the dollar fell for a second day on Thursday after a rare warning by the finance chiefs of the United States, Japan and Korea over the sharp decline in other currencies, which in turn offered the yen some rare respite.
Finally, the rupee ended at 83.52 (Provisional), stronger by 9 paise from its previous close of 83.61 on Tuesday. The currency touched a high and low of 83.56 and 83.49 respectively.
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