Foreign exchange market: the Indian rupee in decline : Orishas-finance

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Foreign exchange market: the Indian rupee in decline

05/02/2024

Source : ORISHAS FINANCE

Categories: Economy/Forex

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Foreign exchange market: the Indian rupee in decline

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After US employment data caused Treasury and dollar yields to rise, the Indian rupee could be on the decline at the start of the week.

The Indian government has said it plans to reduce the fiscal deficit and gross borrowing in the fiscal year beginning on 1 April, a measure that could boost debt inflows. The currency traded up slightly at 82.9175 against the US dollar on Friday and posted a weekly gain of 0.2%, helped by positive sentiment following the presentation of the Indian federal budget. The 10-year benchmark Indian bond yield closed at 7.0555% on Friday, posting the biggest weekly decline in 15 months, as a fiscally prudent budget boosted appetite

for government securities.

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