Mumbai: The Indian rupee appreciated against the U.S. dollar in early trade on February 1. As per market experts, investors remained cautious ahead of the interim Budget. The strengthening of the American currency in the overseas market and a muted trend in domestic equities weighed on the Indian currency.
At the interbank foreign exchange, the domestic currency opened at 83.02 against the dollar and then touched a high of 82.95, registering a gain of 9 paise over its previous close. On January 31, the Indian rupee appreciated 6 paise to 83.04 against the U.S. dollar.
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The dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading 0.24% higher at 103.52. Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on January 31 as they purchased shares worth Rs1,660.72 crore.
Meanwhile, official data revealed that the Union government’s fiscal deficit touched Rs 9.82 lakh crore or 55% of the annual Budget target at the end of December 2023. In the corresponding period last year, the deficit was 59.8% of the Budget estimate of 2022-23.
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