Rupee gains 12 paise to 81.76 against U.S. dollar ahead of Union Budget
The Hindu
The domestic unit opened at 81.76 against the dollar, registering a rise of 12 paise over its previous close.
The rupee opened on a positive note and gained 12 paise to 81.76 against the U.S. dollar in early trade on Wednesday ahead of the Union Budget presentation.
At the interbank foreign exchange, the domestic unit opened at 81.76 against the dollar, registering a rise of 12 paise over its previous close.
On Tuesday, the rupee depreciated by 36 paise to close at a three-week low of 81.88 against the U.S. 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.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02% to 102.08.
Brent crude futures, the global oil benchmark, declined 0.48% to $84.49 per barrel.
The focus now will be on the government's fiscal consolidation path when it presents the Union Budget FY24. Investors will also eye the outcome from the Fed meeting later in the evening, forex traders said.
"We have the Union Budget today. We believe the key to making both the stock market and bond market happy would be a theme which focuses on capex and fiscal consolidation," IFA Global Research Academy said in a research note.