Indian Rupee At More Than 2-week High Vs U.S. Dollar After S&P's GDP Upgrade
February 26 2015 - 5:18AM
RTTF2
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's forecast for India for the financial year of 2014 was
increased by around 2 percentage points to 7.4 percent, equal to
the forecast for China. The economy is expected to grow by 7.9
percent and 8.2 percent in 2015 and 2016, respectively.
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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