News Column

Indian Rupee Off 1-week High Vs US Dollar Amid Budget Speech

July 10, 2014

NEW DELHI (Alliance News) - The Indian rupee came off from its early high against the US dollar in late morning deals on Thursday, as the maiden budget presented by Indian Finance Minister Arun Jaitley offered no big surprises to investors.

Indian stocks also fell, with benchmark S&P BSE Sensex falling 164.77 points, to 25,274 points, while the broader CNX Nifty index was 10.10 points down at 7,575 points.

In the budget speech, Jaitley said the government is adhering to a budget deficit target of 4.1% of gross domestic product in 2014-15. The budget proposed a deficit of 3.6% of GDP in fiscal 2015-16. The fiscal deficit is seen at 3% for 2016-2017.

The budget would help to attain sustained growth of 7-8% within the next three-four years, the finance minister said. The foreign direct investment in insurance and defence were hiked to 49%.

The Indian rupee was trading at 59.89 per dollar, compared to a 1-week high of 59.5750 hit in early deals. At yesterday's close, the pair was worth 59.7550.

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Source: Alliance News

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