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      Indian Rupee: Near two year high

      MoM Team / Mumbai, Apr 26, 2017 12:12 PM IST

        Indian Rupee: Near two year high

        The Indian Rupee surged further today, hitting its two year high of 64 per US dollar amid a continued spurt in local equities. Key benchmark indices extended gains and hit fresh intraday high in mid-morning trade.

        The Sensex was trading above the psychologically important 30,000 mark. The Sensex and the Nifty, both, hit their record high levels in mid-morning trade. Positive global cues boosted market sentiment. Asian stocks extended gains for a fifth consecutive day on Wednesday, approaching near two year highs.

        Asian indices traded higher following the rise in US stocks on the back of strong earnings announcements and on expectations for US President Donald Trump's impending tax reforms. In the US, stocks soared as McDonald's and Caterpillar reported strong earnings, with the Nasdaq surpassing the 6,000 mark for the first time. The Dow Jones industrial average surged 1.12 percent to close at 20,996.12.

        The INR has been in an excellent form in last few weeks as the rally in local equities supported the case for a strong Rupee. The World Bank noted in a latest update that “significant risks” to economic growth could emanate from fallout of demonetisation on small and informal economy, stress in the financial sector and uncertainty in global environment.

        India’s economic growth is expected to see an uptick at 7.2 percent this fiscal and further accelerate to 7.5 percent in 2018-19, the report said.

        The growth slowed down to 6.8 percent in 2016-17 due to a combination of weak investments and the impact of demonetisation, the World Bank said, adding that timely and smooth implementation of the GST could prove to be a significant “upside risk” to economic activity in 2017-18.


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      Source: Capital Market


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