Mon Dec 02 06:38:23 UTC 2024: ## Indian Rupee Hits Record Low as Economic Growth Slows; Suraksha Diagnostic IPO Opens

**MUMBAI, INDIA – December 2, 2023** – The Indian rupee weakened further against the US dollar today, reaching a record low of 84.66 per dollar, adding to concerns about the nation’s economic outlook. This comes as India’s GDP growth slowed to a seven-quarter low of 5.4 percent in the September quarter, prompting brokerage firms to lower their growth projections for the 2024-25 fiscal year.

The slowdown is attributed to weak consumption, sluggish government spending, and a deceleration in industrial growth. While India’s manufacturing activity dipped to 56.5 in November (down from 57.5 in October), Axis Bank’s Chief Economist, Neelkanth Mishra, remains optimistic about the country’s long-term growth prospects, citing government spending and easing monetary conditions as drivers of recovery.

Meanwhile, the Reserve Bank of India (RBI) is expected to hold its policy rate steady for the eleventh consecutive time this week, despite the economic slowdown, according to a Moneycontrol poll. The RBI’s Monetary Policy Committee (MPC) meeting on December 6 will be closely watched to see if the central bank maintains the status quo or adjusts the repo rate, currently at 6.5 percent.

In other financial news, the Suraksha Diagnostic IPO is underway for its second day of bidding. The IPO, which comprises 19,189,330 shares, closes on December 3, with listing expected on December 6. The allocation of shares is as follows: 20% for Qualified Institutional Buyers, 15% for Non-Institutional Investors, 35% for Retail Individual Investors, and 30% for Anchor Investors.

Finally, for investors interested in options trading, Traders Gurukul’s BOTS summit is held on the 2nd or 3rd Sunday of each month across major Indian cities. This event offers insights into the latest trends and opportunities in the crypto market. Taxpayers are also reminded that the third advance tax installment is due in December.

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