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Indian Rupee Hits Two Week High Under 83 Per US Dollar As Markets Eye Union Budget

Published on Feb 01, 2024 12:05

Indian Rupee hit a two week high under 83 per US dollar mark as currency markets focused on the US Fed interest rate dynamics and also eyed the upbeat economic undertone in Indian Finance Minister�s Interim Union Budget speech. The US dollar index is holding around 103.50 after Federal Reserve FOMC that decided to maintain the target range for the federal funds rate at 5.25 to 5.50 percent in support of its dual goals of maximum employment and inflation at the rate of 2 percent over the longer run. The INRUSD pair managed to add to latest gains and currently trades at 82.95, up 9 paise on the day and approaching near two week top. FM stated in her Budget speech today that economic management over past 10 years has complimented people-centric development. All forms of infrastructure are being built in record time. All parts of the country are becoming active participants in eco-growth. The FY25 fiscal deficit target has been set at 5.1% of GDP. This marked an improvement from the FY24 fiscal deficit of 5.8% of the GDP.

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