Indian rupee is getting stronger ahead of Feb. 1’s 2022-23 budget announcement

Indian rupee is getting stronger ahead of Feb. 1’s 2022-23 budget announcement

Dubai: The Indian rupee has started the week slightly strong, at 20.30/20.32 levels to the dirham compared with the 20.43 closing rate on Friday, as expectations build up ahead of tomorrow’s 2022-23 budget by the Indian government. “The rupee is riding higher on budget-fuelled optimism after last week’s decline, when it dipped close to 20.50 at one point on Thursday last,” said a spokesperson for LuLu exchange Group. “Today’s rupee strength also reflects the momentum on the Sensex, which is up 700 points. The next 48 hours could see some heavy action for the rupee.” Indian expats in the UAE thinking of when to send their next remittance should take note. Tomorrow’s budget will likely have a focus on heavier spending as India tries to recharge its economy and match the 8 per cent plus growth forecasts. On the other hand, worries about inflation are perking up, especially as India’s oil import bills get heavier. As a rule of thumb, the rupee tends to hold its ground or even firm up ahead of budget announcements. “By mid-day, we will have a better reading on how the rupee will fare,” said the LuLu Exchange spokesperson. “As for remittances, we are expecting