Rupee falls to 82 as Economic Survey sees currency to remain under pressure
India's economy to grow 6.5% in 2023-24, compared to 7% this fiscal and 8.7% in 2021-22. Gross domestic product (GDP) in nominal terms to be 11% in next fiscal, according to the Economic Survey.
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FollowThe Indian rupee on Tuesday (January 31) depreciated 52 paise to 82.04 against the US dollar in intra-day trade after the Economic Survey 2022-23 said that it may remain under pressure. At the interbank foreign exchange, the domestic unit opened weak at 81.61 against the dollar.
On Monday, the rupee settled at 81.52 against the US Dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.15 percent to 102.42.
Also read: Chief Economic Advisor Dr V Anantha Nageswaran presents Economic Survey 2023; check details
Brent crude futures, the global oil benchmark, declined 0.67 per cent to USD 84.33 per barrel.
Meanwhile, on Tuesday, the Economic Survey 2023 has said that the Indian rupee may remain under depreciation pressure on account of plateauing of exports and subsequent widening of the current account deficit.
According to data from the RBI, the current account deficit (CAD) widened to 4.4 percent of the GDP in the quarter ended September from 2.2 percent in April-June due to a higher trade gap.
India's economy to grow 6.5% in 2023-24, compared to 7% this fiscal and 8.7% in 2021-22. Gross domestic product (GDP) in nominal terms to be 11% in next fiscal, according to the Economic Survey.
Also read: Economic Survey 2023: India withstood extraordinary set of challenges better than most economies
In the domestic equity market, the 30-share BSE Sensex was trading 64.51 points or 0.11 per cent lower at 59,435.90. The broader NSE Nifty declined 19.05 points or 0.11 per cent to 17,629.90.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth Rs 6,792.80 crore, according to exchange data.
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