Rupee slips by 14 paise against US Dollar

The Indian rupee fell against the US dollar due to increased demand for the US currency from importers and foreign fund outflows. The currency opened 14 paise lower to 70.86/$, while the yields on the 10-year government bonds was down 0.9% to 7.41% from its previous close of 7.47%.

The rupee rebounded by 52 paise on Thursday to close at 70.72 against the US dollar as sentiments revived on signs of de-escalation of tensions between India and Pakistan.

 

On the economy front, India’s gross domestic product grew 6.6% on a yoy basis in the Oct-Dec quarter after expanding 7% in the previous three months. Economists had estimated growth of around 6.9%. 

 

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