News Column

Indian Rupee Slightly Off Early High Against US Dollar

July 9, 2014

NEW DELHI (Alliance News) - The Indian rupee erased some of its early gains against the US dollar in evening deals on Wednesday, as traders became cautious ahead of nation's budget for 2014-2015, to be presented in parliament on Thursday.

The government is expected to set a deficit target of 4.4% of gross domestic product for the fiscal year. This is up from 4.1% deficit target set by previous government in the interim budget.

India's economy is likely to grow in the range of 5.4 to 5.9% in 2014-15 overcoming the sub-5% growth of gross domestic product experienced over the last two years, the Economic Survey 2013-14, presented by Finance Minister Arun Jaitley showed Wednesday.

The benchmark S&P BSE Sensex ended the session down 137.30 points or 0.54% at 25,444.81, while the broader Nifty index marked a 1-1/2 week closing low to end down 38.20 points or 0.5% at 7,585

The rupee was worth 59.7975 against the greenback, coming off slightly from an early high of 59.6715. The pair was worth 59.76 at yesterday's close.

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Source: Alliance News

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