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India's economy showcased remarkable resilience by achieving a robust 7.8 percent GDP growth for the April-June quarter, surpassing forecasts. The strength of the services and export sectors contributed significantly to this success. The International Monetary Fund lauded India's economic achievements and its pivotal role as a global growth driver, also acknowledging improvements in macroeconomic statistics and data quality. This comes amid ongoing evaluations of India's latest GDP figures.
The Indian Rupee weakened against the US dollar on Friday, extending its previous day's losses. High crude oil prices and foreign portfolio outflows continued to exert downward pressure. Supportive factors like forex reserves and RBI intervention were insufficient against these headwinds. Investors now await US and Indian inflation data for market direction. Domestic stock markets also experienced declines as foreign investors sold shares.
Stock market recommendations: Finolex Cables, Adani Ports, and Emmvee Photovoltaic Power are the top stocks to buy today on September 11, 2026, identified and recommended by Hitesh Rathi, Technical Analyst (Equity & Derivatives) at Angel One
The absence of an original ITR became a key issue. Although the department had information about the substantial sums held in his Indian accounts, there was no tax return on record explaining their nature and source.