Rupee off lows as GDP better than estimates

The rupee rises to 55.72-55.73 from a session low of 55.7750, though still down from its previous 55.63-55.64 close.

April-June GDP grew 5.5%, faster than expectations of 5.3%. Traders had feared growth would fall to below 5%. Dealers say the data is 'slightly positive' for the rupee, but large gains unlikely as euro hovers near this week's low against the dollar, and on month-end dollar demand from oil refiners. Pair will take definite direction after Ben Bernanke's speech at Jackson Hole, scheduled for 7.30 p.m. IST, traders say.