Rupee posts biggest single-day gain in two months on strong growth data

India’s rupee gained a two-week high and its best single-day increase in two months on Thursday, as strong domestic growth data encouraged traders to scale back long positions in the US dollar. The currency hit 82.3675 during the session and closed at 82.405 against the dollar, compared to 82.7225 the previous day. Dilip Parmar, research analyst at HDFC Securities, said consistent equity flows and positive economic data were boosting the rupee. India’s economy grew by 6.1% in Q1, while a private survey revealed factory output had expanded at its quickest rate since October 2020 in May.