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Indian rupee settles flat on Wednesday

25 Sep 2024 Evaluate

Indian rupee settled flat on Wednesday following domestic equity markets. Investors took note of report that Asian Development Bank (ADB) has retained India's Gross domestic product (GDP) growth forecast for the current fiscal (FY25) at 7 per cent and said that the economy is expected to accelerate in the coming quarters on improved farm output, and higher Government spending. Meanwhile, India surpassed Japan to become the third-largest power in the Asia Power Index, reflecting its increasing geopolitical stature. This achievement is driven by India's dynamic growth, youthful population, and expanding economy, solidifying its position as a leading force in the region. On the global front, The Japanese Yen (JPY) inches lower against the US Dollar (USD) on Wednesday as investors assess the Bank of Japan's (BoJ) monetary policy outlook.

Finally, the rupee ended at 83.62 (Provisional), marginally up by 1 paisa from its previous close of 83.63 on Tuesday. The currency touched a high and low of 83.64 and 83.51 respectively.

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