Photo: The Hindu Business Line file photo
Mumbai, India (BBN) - Indian rupee firmed up by another 8 paisa to 64.43 against the US dollar on increased selling of the American currency by exporters and banks even as India’s economic growth slowed to 7.1 per cent in 2016-17.
India’s economic growth slowed to 7.1 per cent in 2016-17, the year in which 87 per cent of the currency was demonetised, despite a very good showing by the agricultural sector, reports the PTI.
The Gross Domestic Product (GDP) growth was 6.1 per in the January-March quarter, the immediate three months after the demonetisation was affected on November 9, 2016.
Forex dealers said that besides sustained selling of the greenback by banks and exporters, dollar’s weakness against some currencies overseas supported the rupee.
Yesterday, the local currency had recovered by 15 paisa to close at 64.51 on fresh selling of the American currency by banks and exporters.
Meanwhile, the benchmark BSE Sensex was down 75.33 points, or 0.24 per cent, at 31,070.47 in early trade.
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