Indian rupee Vs dollar today: Rupee rises despite fiscal deficit surpasses budgeted estimates by 120.3%
Indian rupee was trading at 65.165 above 0.050 points or 0.08%.
Indian Rupee were trading on positive note against US benchmark dollar index, despite benchmark indices remained closed today. While domestic unit maintained over 65-mark during the trading session, American unit reportedly gained against six major currency unit. Investors boosted global markets, amid perceived progress on North Korea issues, although equity gains were limited after a tech-led retreat on Wall Street.
At around 1121 hours, Indian rupee was trading at 65.165 above 0.050 points or 0.08%.
A Reuters report mentioned that with fears of a worldwide trade war receding, the dollar also gained against other currencies. The dollar index versus a basket of six major currencies was at 90.068 after reaching a one-week high of 90.147.
According to investing.com, in previous trading session, the Indian rupee closed at 65.157 above 0.33% in the forex market.
On Wednesday, Economic Affairs Secretary Subhash Chandra Garg said on Twitter, that government is quite confident in achieving the fiscal deficit within 3.5% of GDP.
India's fiscal deficit data was released for the period of April - February, where the economic indicator reached to Rs 7.2 trillion rupees ($110.42 billion) - surpassing 120.3% of the budgeted target for the current fiscal year.
Foreign funds on net basis on Wednesday, purchased shares worth Rs 8,577.84 crore, while making gross sales of Rs 6836.42 - with this there inflow of Rs 1741.42 crore together in equity, debt and hybrid market.
Meanwhile, India`s stocks, bonds and currency markets are closed on Thursday and Friday for public holidays. Trading will resume on Monday.
Yesterday, the Nifty50 dropped 0.69% to 10,113.70, while the benchmark BSE Sensex lost 0.62% to 32,968.68. Also, the benchmark 10-year bond yield rose about 7 basis points to 7.40 percent, while the rupee weakened to 65.17 from its 64.98 close.