Indian rupee gains ahead of budget

Indian rupee gains ahead of budget

Ahead of the widely anticipated Indian budget, the Indian rupee, one of the worst-performing Asian currencies in 2019, appreciated by seven paise on Wednesday to settle at 71.24 against the US dollar following gains in the domestic equity market.. Forex traders said that the rupee consolidated in a narrow range as market participants are assessing the economic implications of the coronavirus outbreak and awaiting cues from the Indian budget to be presented on February 1.. Analysts said that although the significance of the budget on the market may have reduced during the decade, this time the importance is substantial due to very high expectations.. "The budget will be a blockbuster even if a decent part of wish-list is fulfilled, the event-risk is high this time," said Vinod Nair, head of Research, Geojit Financial Services.. Along with the rupee rally, India's benchmark indices closed higher for the first time this week on Wednesday as investors snapped up recently beaten down banking, finance and consumer stocks amid signs of recovery in global market sentiment.. The 30-share BSE Sensex rallied 231.80 points, or 0.57 per cent, to finish at 41,198.66.. At the interbank foreign exchange market, the rupee opened at 71.23.. During the