INR jumps to near one-month high as IMF lifts growth forecast

The Indian rupee jumped to a near one-month high in opening trades on Wednesday after the International Monetary Fund lifted the global growth forecast for this year and next but warned that the policy uncertainty remains high. India's growth projection for this fiscal year was raised by 0.2 points to 6.6 percent, while the forecast for next fiscal was trimmed by the same amount to 6.2 percent. The domestic currency followed positive cues from local equities that defied Wall Street's declines and U.S. President Donald Trump's fresh warning that countries aligning with BRICS could face new U.S. tariffs. INR opened at Rs 88.74 and jumped to a high of 87.93 so far during the day. Yesterday, rupee depreciated 12 paise to revisit its all-time low of 88.80 against the US dollar, weighed down by negative domestic equities and overnight gains in the American currency. Domestic shares ended Tuesday's session lower, mirroring weak cues from global markets. The benchmark BSE Sensex ended the session down 297.07 points, or 0.36 percent, at 82,029.98. The NSE Nifty index fell 81.85 points, or 0.32 percent, to 25,145.50.

 

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