The rupee closes slightly higher after posting a weekly gain

dollar rupee

Following the release of India’s government budget, the rupee saw a small increase on Friday, although early gains on a decline in U.S. bond yields and upbeat sentiment were undermined by dollar demand from state-run banks and importers. The rupee’s previous close was 82.9650; it concluded at 82.9175 against the dollar. This week, the currency had a 0.2% increase. The rupee reached an intraday high of 82.8325, but state-run banks’ dollar purchases restrained the upside, perhaps on behalf of the Reserve Bank of India, according to four traders.

At 102.91, the dollar index looked to be headed for its biggest weekly decline in more than a month. The majority of Asian currencies increased; the Korean won gained more than 0.7% and led gains.In an effort to encourage debt inflows into India, the Indian government on Thursday announced plans to reduce the fiscal deficit and gross borrowing targets for the fiscal year beginning on April 1.

According to Reuters polling of economists, payroll growth in January was expected to be 180,000, as opposed to 216,000 in December.

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