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Rupee dips 9 paise to 71.17 against dollar in early trade ahead of budget

The Modi government is set to present its last Budget and is expected to have major announcements

Press Trust of India  |  Mumbai 

The rupee opened at 71.12 a dollar, and closed at a near three-month high of 70.69

The on Friday depreciated by 9 paise to 71.17 in early trade on the amid strengthening of the American currency and caution ahead of interim budget.

Forex traders said strengthening of the US against some currencies overseas, focus on and rising weighed on the local unit.

The current government is set to present its last Budget Friday, which is expected to have major announcements to support the farm sector and spur consumption.

At the Interbank Foreign Exchange, the opened at 71.08 then fell further to 71.17 against the US dollar, showing a decline of 9 paise over its previous closing.

On Thursday, the had settled 4 paise higher at 71.08 against the US

However, positive opening in and fresh foreign fund inflows capped the losses for the domestic unit.

bought shares worth Rs 3,006.41 crore from the on a net basis Thursday, while domestic institutional investors sold shares worth Rs 1,634.32 crore, provisional data showed.

The global benchmark, brent crude oil was trading at $61.49 per barrel, higher by 0.28 per cent.

Meanwhile, domestic equity market opened on a higher note. The 30-share BSE benchmark Sensex, was trading at 36,364.70, up 106.13 points in early trade. The wide-based Nifty was also trading up by 30.20 points at 10,861.15.

First Published: Fri, February 01 2019. 09:55 IST