Rupee Inches 10 Paise Higher To 81.78 Against Dollar In Early Trade Ahead Of Union Budget

The rupee on Wednesday appreciated 10 paise to touch 81.78 against dollar ahead of the Budget 2023 presentation by Finance Minister Nirmala Sitharaman

On Tuesday, the rupee depreciated by 36 paise to close at a three-week low of 81.88 against the US dollar after the Economic Survey 2022-23.

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The rupee on Wednesday rose 10 paise to touch 81.78 against dollar ahead of the Union Budget 2023 presentation by Finance Minister Nirmala Sitharaman. The Indian currency has strengthened due to the decline in Treasury yields following weak US economic data.

'Rupee rose 10 paise to 81.78 against US dollar in early trade,' according to the news agency PTI.  The rise comes ahead of the Union Budget 2023 which will also be the last full Budget of the Modi Government before the 2024 general elections. From major industries to MSMEs, salaried classes to farmers, and education to healthcare, everyone was eyeing some relief from this Budget.

Sitharaman will table the annual Budget for the fiscal year 2023-24.

On Tuesday, the rupee depreciated by 36 paise to close at a three-week low of 81.88 against the US dollar after the Economic Survey 2022-23 said the domestic unit may remain under pressure on account of plateauing of exports and subsequent widening of the current account deficit, according to the news agency PTI.

Notably, the Indian rupee may remain under depreciation pressure on account of plateauing of exports and subsequent widening of the current account deficit, according to the Economic Survey 2022-23 tabled in Parliament on Tuesday.

“Today’s budget might not have a direct impact on the rupee, but markets hope that a reform-oriented budget can attract FDI (foreign direct investment) and FII (foreign institutional investors) flows eventually, leading to some solace for the rupee,” news agency Reuters quoted Srinivas Puni managing director at QuantArt Market Solutions as saying.

Meanwhile, the two key equity benchmarks, Sensex and Nifty, on Wednesday opened higher during opening trade just ahead of the Union Budget. Finance Minister Nirmala Sitharaman will table the Budget in the Lok Sabha at 11 am.
At 9.18 am, the S&P BSE Sensex surged 412 points to 59,961, almost touching the 60,000 mark. On the other hand, the NSE Nifty50 was trading at 17,763, up 101 points.   

The two key equity benchmarks, Sensex and Nifty, on Wednesday opened higher during opening trade just ahead of the Union Budget. Finance Minister Nirmala Sitharaman will table the Budget in the Lok Sabha at 11 am.
At 9.18 am, the S&P BSE Sensex surged 412 points to 59,961, almost touching the 60,000 mark. On the other hand, the NSE Nifty50 was trading at 17,763, up 101 points.