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Indian rupee appreciates on Monday amid selling of dollar by exporters

03 Mar 2025 Evaluate

Indian rupee appreciated against the US dollar on Monday on selling of US Dollar by bankers and exporters. Traders got support as government data showed that the Indian economy recovered in the December quarter to grow at 6.2 percent after sinking to a seven-quarter low of 5.6 percent in the July-September period. Traders overlooked the report that India's manufacturing activity grew at slow pace in the month of February. Despite slowing to the weakest since December 2023, rates of expansion in output and sales remained elevated in the context of the survey's 20-year history. According to the survey report, the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) eased to 56.3 in February as against 57.7 in January. On the global front, British pound strengthened against other major currencies on Monday, as investors reacted to the latest tariff news and Europe's peace efforts in Ukraine. 

Finally, the rupee ended at 87.32 (Provisional), appreciated by 5 paise from its previous close of 87.37 on Friday. The currency touched a high and low of 87.41 and 87.25 respectively.

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