RTTN: Indian Rupee Rises To 3-day High Against Dollar
Friday, the Indian rupee climbed to a 3-day high of 47.2150 against the U.S. dollar. If the Indian currency advances further, it may test resistance around the 47.0 level. At yesterday's close, the dollar-rupee pair was quoted at 47.5250.
Today, the Central Statistical Organization of India estimated the growth rate of fourth quarter Gross Domestic Product (GDP) at 5.8%--flat with the revised growth rate in the previous quarter and down from 8.6% in the year-ago quarter. The slowdown is attributed to poor performance by manufacturing sector despite robust growth in some service sectors.
For the twelve months of this fiscal, the estimated growth rate of Gross Domestic Product is revised to 6.7% down 7.1% from the advance estimate released in February this year, and declined from 9.0% for the comparable period last year.
The downward revision in the GDP growth rate was mainly on account of lower performance in almost all the sectors, excluding 'construction, and 'community, social and personal services' than anticipated.
