Rupee rises 8 paise to close at 83.89 against US dollar

The rupee strengthened by 8 paise, closing at 83.89 against the US dollar on Thursday, buoyed by declining crude oil prices and a strong performance in domestic equities. According to forex traders, the market is now awaiting key signals from the US GDP and Personal Consumption Expenditure (PCE) inflation data. These figures are pivotal, as they could influence the Federal Reserve's decision on whether to implement a 25 or 50 basis point rate cut at its September meeting.