The dollar index, which measures the currency against six major peers, rose as high as 102.84, its highest level in four weeks. It was last little changed at 102.60, after Wednesday’s 0.5% gain.
In an exclusive interview with Moneycontrol, Montek Singh Ahluwalia speaks on the state of the economy, on what is needed to unleash India's growth potential, and delves into the reforms needed in the external sector. He also sheds light on what the government must do in the Budget 2023 and over the medium term, even as India is poised to grow faster than developed and emerging markets. Watch for more.
A day earlier, the Economic Survey released by the government estimated FY22 real gross domestic product (GDP) growth to be 9.2 percent, on par with the first advance estimates released by the Central Statistical Organisation recently.
On a year-on-year basis, the economy grew a better-than-expected 5.1 percent, compared with forecasts for a rise of 3.8 percent.
The Planning Commission is confident of revisiting the annual average GDP growth target of eight percent for the 12th plan.
Despite a surprising IIP jumping to 2.6 percent, Leif Eskesen is not very hopeful of a revival in the economy. He feels that low domestic demand is a cause of worry for India.
The Bundesbank said Friday it expects the economy to grow by 0.3 percent this year, down from its forecast of 0.4 percent issued six months ago.
Despite being the mood lifter for the markets today, Adrian Foster of Rabobank says the European Union’s bailout fund has clear risk of implementation.