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Rupee appreciates on Wednesday

11 Dec 2024 Evaluate

Indian rupee appreciated on Wednesday amid rising expectations of a shift in the Reserve Bank’s monetary policy stance post the appointment of Sanjay Malhotra as the new RBI governor. Some support came after S&P Global Ratings in its latest India Outlook said the Indian economy is set for resilient growth in 2025 on the back of strong urban consumption, steady services sector growth, and ongoing investment in infrastructure. The global ratings agency kept the FY25 gross domestic product (GDP) growth outlook unchanged at 6.8 per cent amid slower fiscal impulse tempering urban demand. On the global front, Sterling was at its strongest against the euro on Wednesday, supported by a relatively hawkish Bank of England and political uncertainty in France and Germany, though it dipped against a strengthening dollar.

Finally, the rupee ended at 84.83 (Provisional), appreciated by 2 paise from its previous close of 84.85 on Tuesday. The currency touched a high and low of 84.87 and 84.81 respectively.

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