The rupee appreciated sharply by 40 paise to 85.05 against the US dollar in early trade on Monday on the back of a weak American currency index and positive domestic equity markets.
Inflow of foreign funds and the RBI’s announcement of giving a record dividend to the government for FY25 also added strength to the local currency, forex traders said.
Besides, market participants will await the release of industrial and manufacturing production data for April as well as the Q1 GDP growth numbers, scheduled this week, that are likely to offer deeper insights into the country’s economic activity, according to analysts. PTI
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