INR hovers around 82.90 per US dollar mark

The Indian rupee continued to stay supported after India's GDP for the third quarter of the ongoing financial year accelerated impressively as per data out last week. The US dollar index also slipped as data from US Personal Consumption Expenditures (PCE) showed that annual inflation in January was the lowest in three years, increasing possibility of an interest rate cut by the Federal Reserve. The INR quotes at 82.89 per US dollar almost unchanged on the day and lingering just below near one month high against the US dollar. India's gross domestic product (GDP) grew 8.4% in the December quarter, as per data from Ministry of Statistics and Programme Implementation. This marks an impressive spurt compared to a growth of 7.6% in the June-to-September period. The growth rate of GDP during 2023-24 is estimated at 7.6% as compared to growth rate of 7% in 2022-23. Local stocks recorded good gains as firm economic outlook on the local front following latest GDP data and supportive global cues boosted sentiments. Major indices hit fresh record highs on Saturday.

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