At 9:50 AM, IST the domestic unit was trading at 71.66 against the greenback.
The Indian rupee depreciated 46 paise intraday to 71.71 against the dollar. The currency opened 32 paise lower at 71.57/$ compared to its previous close of 71.25/$.
At 9:50 AM, IST the domestic unit was trading at 71.66 against the greenback.
The depreciation is probably on the back of investors’ worries regarding fiscal slippage especially after interim Finance Minister Piyush Goyal in his Budget speech on Feb 01, pegged the fiscal deficit for the year 2019-20 at 3.4% of GDP.
While presenting the Interim Budget 2019-20 in Parliament, Union Minister for Finance, Corporate Affairs, Railways and Coal, Piyush Goyal said, “The estimate of incomes and expenditure which I am presenting today, pegs the fiscal deficit of the year 2019-20 at 3.4% of GDP.”
Piyush Goyal said in his Speech, “We would have maintained fiscal deficit at 3.3% for the year 2018-19 and taken further steps to consolidate fiscal deficit in the year 2019-20. However, considering the need for income support to farmers, we have provided Rs20,000cr in 2018-19 RE and Rs75,000cr in 2019-20 BE. If we exclude this, the fiscal deficit would have been less than 3.3% for 2018-19 and less than 3.1% for the year 2019-20.”
Meanwhile, equity benchmark indices started the week on a marginally negative note. The Sensex slipped 130 points at 36,339 levels, while Nifty dropped 51 points to trade at 10,842 levels.
At 9:50 AM, IST the domestic unit was trading at 71.66 against the greenback.
The depreciation is probably on the back of investors’ worries regarding fiscal slippage especially after interim Finance Minister Piyush Goyal in his Budget speech on Feb 01, pegged the fiscal deficit for the year 2019-20 at 3.4% of GDP.
While presenting the Interim Budget 2019-20 in Parliament, Union Minister for Finance, Corporate Affairs, Railways and Coal, Piyush Goyal said, “The estimate of incomes and expenditure which I am presenting today, pegs the fiscal deficit of the year 2019-20 at 3.4% of GDP.”
Piyush Goyal said in his Speech, “We would have maintained fiscal deficit at 3.3% for the year 2018-19 and taken further steps to consolidate fiscal deficit in the year 2019-20. However, considering the need for income support to farmers, we have provided Rs20,000cr in 2018-19 RE and Rs75,000cr in 2019-20 BE. If we exclude this, the fiscal deficit would have been less than 3.3% for 2018-19 and less than 3.1% for the year 2019-20.”
Meanwhile, equity benchmark indices started the week on a marginally negative note. The Sensex slipped 130 points at 36,339 levels, while Nifty dropped 51 points to trade at 10,842 levels.
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