The rupee slipped to 53.31 against the dollar after the Government lowered the advance estimate for GDP to 5 per cent. If this estimate were to turn out to be the final number, then it would be the slowest GDP growth in the last decade.
This declined the capital flows into the markets and weakened the Indian currency. It opened marginally higher at 53.13 against the dollar. Yesterday, the Indian unit had slipped from near four-month high to close three paise down at 53.16.
The 5 per cent estimate by the Central Statistical Organisation (CSO) is lower than the 5.5 per cent estimated by the Reserve Bank of India in its recent monetary policy review last month.
