Extending gains for the second consecutive session, the rupee today rose by 3 paise to 64.48 a dollar, shrugging off weaker-than-expected GDP numbers.
Forex market sentiment turned bit shaky after the Gross Domestic Product (GDP) data showed that growth declined to 6.1 per cent in the January-March quarter while the expansion of eight core sectors declined to 2.5 per cent in April.
India lost the tag of the world’s fastest growing major economy to China with a gross domestic product growth of 6.1 per cent in the fourth quarter. For the full 2016-17 fiscal, GDP growth stood at a three-year low of 7.1 per cent.
Trading has been thin and confined to extremely narrow range in the absence of any market moving factors.
The domestic currency resumed higher at 64.48 against Wednesday’s close of 64.51 at the Interbank Foreign Exchange (Forex) Market.
It then traded in a tight range of 64.42 and 64.56 most part of the day before ending at 64.48, showing a small gain of 3 paise, or 0.05 per cent.