Rupee rises 4 p to 83.62 against US dollar in early trade ahead of Budget
The rupee appreciated 4 paise to 83.62 against the US dollar in early trade on Tuesday, ahead of the Budget presentation.
Forex traders said the local currency gained strength as crude oil prices and the American currency retreated from their elevated levels. Moreover, foreign fund inflows also supported the rupee.
At the interbank foreign exchange market, the local unit opened at 83.64, and touched an early high of 83.62, registering a gain of 4 paise from its previous close.
On Monday, the rupee consolidated in a narrow range to settle 4 paise higher at 83.66 against the American currency.
Forex traders said marketmen will closely watch the Union Budget for further cues on fiscal deficit, capital expenditure, tax revenue and GST among others.
Finance Minister Nirmala Sitharaman will present her 7th straight Budget that would lay a roadmap for Viksit Bharat (developed India) by 2047, while giving a glimpse of 10 years' performance.
The Indian rupee has been down as dollar buying