The Indian rupee has remained largely stable against the USD in the current calendar year (CY 2024), depreciating by just 0.59% so far. Chief Economic Advisor (CEA) V Anantha Nageswaran said on Friday that the Indian economy is estimated to grow at a rate of 6.5-7% in the current financial year on a steady-state basis.

The Indian rupee rallied on Friday to climb above 83.50 per U.S. dollar for the first time since late July, boosted by dollar sales by foreign banks and a rise in most of its Asian peers.

The rupee has strengthened against the dollar following the US Fed's rate cut and positive economic commentary. Market experts predict further gains in the rupee as the interest rate differential between India and the US widens.

The Indian Rupee strengthened by 10 paise to hit a two-month high of 83.66 against the US dollar on Thursday, driven by the Fed''s rate cut and strong domestic equities.