The rupee pared initial gains and settled 2 paise lower at 81.90 (provisional) against the US dollar on Wednesday after Finance Minister Nirmala Sitharaman presented the Union Budget for 2023-24.
Forex traders said investors stayed on the sidelines, as they are waiting for the outcome of the US Federal Reserve meeting later in the evening.
At the interbank foreign exchange market, the rupee opened at 81.76 against the greenback and finally settled at 81.90, down 2 paise over its previous close.
During the session, the rupee touched an intraday high of 81.68 and a low of 82.03 against the American currency.
On Tuesday, the rupee depreciated by 36 paise to close at a three-week low of 81.88 against the US dollar after the Economic Survey 2022-23 said the domestic unit may remain under pressure on account of plateauing of exports and subsequent widening of the current account deficit.
Sitharaman in her Budget speech retained the country’s fiscal deficit target of 6.4 pc in the Revise
| Subscribe To Our Free Newsletter |
