Indian rupee slips ahead of budget, touches 19.46 vs dirham

Indian rupee slips ahead of budget, touches 19.46 vs dirham

The rupee opened on a weak note and declined by 19 paise to 71.47 against the US dollar in opening trade on Thursday, ahead of the widely anticipated Indian budget.. 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.. The rupee opened weak at 71.39 at the interbank forex market and then fell further to 71.47, down 19 paise over its last close.. Against the UAE dirham, the rupee was trading at 19.46 at 10:30am (UAE time), according to� XE.com .. The rupee had settled at 71.27 against the US dollar on Wednesday.. 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.. Traders said most Asian currencies declined after the US Federal Reserve kept its key policy rates steady.. "Federal Open Market Committee (FOMC) kept interest rates unchanged at 1.5-1.75 per cent and gave a positive picture of the US economy.. " Fed Chairman Jerome Powell expressed concern over inability to