Rupee Strengthens, IMF Raises India GDP Growth To 7%, IT Stocks Rise
The Indian rupee strengthened by 60 paise against the US dollar to open at 95.17, recovering from recent 97 levels following reserve interventions by the Reserve Bank of India. In commodities, MCX silver dropped by 600 rupees to 2.22 lakh rupees per kilogram, while gold traded flat at 1.49 lakh rupees per 10 grams. Meanwhile, the International Monetary Fund raised India's FY27 economic growth forecast to 7% from 6.4%, while trimming China's outlook and warning about stretched global resilience and tight energy supplies. Dalal Street witnessed a weak start as the Nifty slipped below 22,300, even as IT stocks gained over 1.5% led by Tata Consultancy Services and HCLTech. Additionally, Tata Motors finalised an execution pact with Stellantis to manufacture passenger vehicles, including a prospective Jeep SUV based on the Tata Sierra platform, for more than 50 international export markets.