The Indian rupee opened higher on Thursday on account of some selling in American currency by banks and exporters. The local unit opened up by 9 paise at 68.73 against US Dollar.
The local currency settled at 68.82 per dollar on Wednesday. Also, India’s 10-year yield dropped to the lowest level since December 2016 following rising prospects that the RBI may consider deeper rate cuts to bolster growth and low inflation.
Foreign investors sold shares worth Rs16.97cr on a net basis on Wednesday, provisional data showed.
On the economy front, Asian Development Bank (ADB) has lowered India's GDP growth forecast to 7% for the current year on the back of fiscal shortfall concerns, ADB said in the report. Developing Asia will maintain strong but moderating growth over 2019 and 2020, as supportive domestic demand counteracts an environment of global trade tensions, according to a new Asian Development Bank (ADB) report said.