USDINR opened 21 pips weaker @ 69.87/88 against Friday finished trade at 69.58/59 level. USDINR weakness despite globally dollar fall due to Indian GDP fall below expectation . India's economy has downshifted from warp speed.
Gross domestic product expanded 7.1% in the quarter ended September, according to official data. That's a big step down from 8.2% growth in the previous quarter.The slowdown was sharper than analysts had expected. But the reduced rate still places India ahead of China — which grew at 6.5% over the same period — as the world's fastest-growing major economy.
Some of the biggest pressures on the Indian economy have eased in recent weeks. A 35% drop in oil prices since early October has helped India, which is one of the world's top energy importers. The rupee, which hit a series of record lows against the dollar this year, strengthened more than 5% in the past month.
INTRADAY RANGE - (69.47 - 69.99) 70.25
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