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Budget 2016: Rupee depreciates 10 paise against US dollar

Budget 2016: Rupee depreciates 10 paise against US dollar

The rupee depreciated 10 paise to 68.72 against the US dollar in early trade on Monday ahead of the Union Budget 2016-17 scheduled to be unveiled by the finance minister Arun Jaitley later in the day.

The domestic currency had closed at 68.62 against the greenback on Friday.

The currency market and rating agencies will keenly be looking at how committed the government is towards the fiscal prudence.

“The Union Budget 2016 is expected to balance the seventh pay commission, one rank one pension outflow, bank recapitalisation needs, stimulating rural demand after two years of successive drought, with the need to show fiscal prudence,” said Murthy Nagarajan, Head-Fixed Income

Globally, the dollar index, which tracks the greenback against a basket of six major world currencies, fell 0.09 per cent to 98.06. Most Asian currencies fell. The Malaysian ringgit dropped 0.37 per cent to 4.22 against the US dollar.

The Korean won declined 0.35 per cent to 1,242.60 against the greenback. The Thai baht (down 0.28 per cent), the Indonesian rupiah (down 0.19 per cent) and the Chinese yuan (down 0.10 per cent) too declined in trade.

Bucking the weak trend, the Japanese yen rose 0.54 per cent to 113.39 after the US revised its fourth quarter GDP growth to 1 per cent from 0.70 per cent announced earlier.

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