Rupee Falls ahead of Interim Budget
February 17, 2014 3:19 PM EST
The rupee is trading lower at 61.96/97 from its close of 61.9250/9350 on Friday ahead of the interim budget presentation due to start at 11 am.
A cashier counts Indian rupee currency notes inside a bank in Mumbai. Photo by: Reuters
Dealers largely expect Finance Minister P. Chidambaram to stick to his fiscal deficit aim of 4.8 pct this FY; will also look at market borrowing numbers for FY15.
"Big expenditure numbers will be negative for the rupee," says a dealer with a state-run bank.
Traders will also watch domestic stock and debt markets for clues on the direction of foreign fund flows.
Most Asian share markets edged higher on Monday in a nod to the resilience of Wall Street, but Japanese stocks struggled with both a stronger yen and a surprisingly weak reading on economic growth.
Local shares up 0.5 percent.