The Indian rupee valued by 8 paise, reaching 83.16 against the US dollar (Dh22.65) in early trade on Thursday.
This upward movement was attributed to reduced global crude oil prices and a favorable trend in the country’s domestic stock markets.
Rupee Trading in a Narrow Range:
Forex traders observed that the rupee has been trading within a limited range due to ongoing foreign fund outflows, which have weighed on investor sentiment.
At the interbank foreign exchange, the Indian rupee opened at 83.21 against the US dollar and reached an early high of 83.16, reflecting an 8-paise gain over its previous close.
Robust Growth in India’s Services Industry:
A recent survey indicated that India’s dominant services industry experienced accelerated growth in September, driven by strong demand.
Businesses in the country were reported to be the most optimistic they have been in over nine years.
Positive Outlook for India’s Economy:
This positive development bodes well for India, the fastest-growing major economy this fiscal year, defying the global economic slowdown.
S&P Global’s India services purchasing managers’ index (PMI) rose to 61.0 in September from 60.1 in August, surpassing expectations and indicating continued growth for the 26th consecutive month.
Strong Domestic and International Demand:
The report also noted that besides robust domestic demand, Indian firms reported increased international sales to Asia, Europe, and North America, showcasing the strength of the country’s service sector on both domestic and global fronts.
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