INSUBCONTINENT EXCLUSIVE:
The rupee edged higher against the US dollar on Friday amid a volatile session
higher at 72.48 for the day
With that, the rupee closed the month with a loss of 2.1 per cent
The government announced a reduction of Rs 70,000 crore in the gross borrowing estimate for the current fiscal year
This, along with the selling of dollar by exporters, provided some support to the currency towards the end of the session
in a row.Here are five things to know about rupee's movement against the US dollar on Friday:1
Analysts say the rupee is expected to remain under pressure in the near term due to high crude oil prices and strength in the US dollar.2
Crude oil prices continued to move higher as investors anticipated tightening of supply
Brent - the international benchmark of crude oil - traded above the $82 a barrel mark, near the four-year high of $82.55 registered earlier
Domestic fuel prices in many cities touched new peaks on Friday, as crude oil and rupee weakness continued to make imports dearer.3
Secretary SC Garg Friday maintained that the government will contain its fiscal deficit target at 3.3 per cent
The government had budgeted a gross borrowing programme of Rs
6.05 lakh crore, which now stands reduced by Rs
Mr Garg also said the government will launch one or two inflation-indexed bond issues in the current fiscal year.5
Meanwhile, the country's foreign exchange reserves increased by $1.3 billion to $401.79 billion in the week ended September 21 helped by a
rise in foreign currency assets, according to Reserve Bank of India data
In the previous week, forex reserves had risen by $1.21 billion to $400.49 billion.(With agency inputs)
