Amended: Indian Rupee At More Than 2-week High Vs U.S. Dollar After S&P's GDP Upgrade
February 26 2015 - 5:18AM
RTTF2
Corrects forecast in Second Para
The Indian rupee gained ground against the U.S. dollar in
evening deals on Thursday, after Standard & Poor's raised its
GDP forecast of the country.
The agency said that India was the bright spot in Asia-Pacific
and that the raise in the country's growth forecasts reflected new
official data based on methodological improvements.
S&P raised its growth forecast for the fiscal year ending
March 2015 to 7.9 percent from 6.2 percent. The growth forecast for
the fiscal year 2016-17 was also upwardly revised by 1.6 percentage
point to 8.2 percent.
The rupee advanced to 61.73 against the greenback, a level not
seen since February 9. The next possible resistance for the rupee
is seen around the 61.00 zone. At yesterday's close, the pair was
worth 61.85.
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