The Indian rupee slipped in the early trade on Monday. It has opened lower by 36 paise at 71.60 per dollar on Monday versus Friday's close of 71.24.
Ahead of the interim budget announcement the rupee consolidated in a narrow range of 70.70 and 71.40 levels but post the budget announcement the rupee came under pressure. In the budget, the finance minister has upwardly revised the country’s fiscal deficit targets by 10 basis points for 2018-19 and 30 basis points in 2019-20 because of higher expenditure on an income support scheme, said Motilal Oswal.
The fiscal deficit for the current financial year is likely to be around 3.4% of GDP, marginally higher than the targeted 3.3%. Today, USD-INR pair is expected to quote in the range of 71.40 and 72.20, it added.
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