July 5, 2019
New Delhi,: Contrary to the equity markets, the Indian rupee gained against the US dollar on Friday after the presentation of the Union Budget as fiscal deficit and gross borrowings were in line with pre-budget expectations.
The rupee ended with gains at Rs 68.42 per dollar from its previous close of Rs 68.50.
“The Indian rupee closed on a firm note against the dollar as it strengthened sharply from the day’s lows after the Finance Minister’s budget presentation. Bond yields had also fallen, as the government signalled that it is seeking external borrowings, especially as global interest rates remain relatively low,” said Anand James, Chief Market Strategist, Geojit Financial Services.
“US Fed Chairman Jerome Powell’s upcoming semi annual testimony should keep the rupee tentative against the US dollar next week,” James added.
R.K. Gurumurthy, Head of Treasury, Lakshmi Vilas Bank, said that a positive for the Indian rupee is that fiscal deficit and gross borrowings are in line with pre-budget expectations.
IANS
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