Rupee appreciates against US dollar on Wednesday
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Indian rupee appreciated against US dollar on Wednesday taking support from positive domestic equities. Traders took encouragement with a private report that India's GDP growth is likely to average 7% from 2024-25 to 2029-30. Also, traders took note of an article in the Reserve Bank of India's (RBI) monthly bulletin released that to achieve its developmental goals over the next three decades, the Indian economy must grow at a rate of 8-10 per annum over the next decade to reap the demographic dividend that started accruing from 2018 and, as calculations show, will last till 2055.
The partially convertible currency is currently trading at 83.29, up by 2 paise from its previous close of 83.31 on Tuesday. The currency touched a high and low of 83.32 and 83.26 respectively.
