India Budget 2022-23: Rupee firms up against dirham as Finance Minister unveils big spending

India Budget 2022-23: Rupee firms up against dirham as Finance Minister unveils big spending

Dubai: The rupee is firming up as the Indian Finance Minister targets 9.2 per cent GDP growth for the 2022-23 financial year and rolled out investment programmes that targeted the agriculture and transport sectors. The rupee started the day at 20.20/20.22 to the dirham, and is now higher at 20.18. The Indian stock markets also seem pleased with the initial set of initiatives from Nirmala Sitharaman, presented as part of the Union Budget for the new financial year starting April 1. From next year, the rupee will take on new digital ways too. A ‘digital rupee’ will be introduced by the Indian central bank using blockchain technology. "The announcement of the imminent launch of an RBI-backed 'digital rupee' is a welcome move and carries forward India's push towards greater digitization of financial services," said Adeeb Ahamed, Managing Director at Lulu Financial Holdings. "Use of blockchain is necessary for India to build a robust process around the digital currency segment, and the announcement by the Finance Minister of the same, will definitely improve currency management and lower existing transaction costs." “Going by transaction volumes, Indian expats in the UAE are clearly waiting to see what the Budget will do for the