The Indian rupee slipped 2 paise to touch 82.92 against the US dollar in early trade on Tuesday. Forex traders noted that reduced crude oil prices helped provide support to the Indian currency, however, the unit remained weighed down by the dampened sentiment in the equity market. At the interbank foreign exchange, the domestic unit opened at 82.90 and depreciated to 82.92 against the greenback. In the last trading session on Monday, the rupee settled at 82.90 against the American dollar, marking a depreciation of 1 paisa.
The stock markets broke their green streak and slipped in red on Tuesday. As of 10:25 AM, the BSE Sensex traded below the 73,500 mark at 73,460.93, more than 400 points lower, while the NSE Nifty50 stood under 22,300 at 22,290.25, down by 115 points.
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The stock markets began Tuesday morning in red, as both the benchmark indices, Sensex and Nifty, went back on the gains made a day earlier. The Sensex fell about 300 points to touch 73,574.32 in early trade, while the Nifty slipped 86 points to 22,319.55 in early trade.
As of 10:07 AM, the markets managed to recover some losses, however, continued trading in red. The BSE Sensex stood about 250 points lower and traded at 73,620.94, while the NSE Nifty50 touched 22,341.30, down by 64.30 points.
In the last trading session on Monday, the stock markets traded back and forth amidst volatility, eventually closing slightly higher. The Sensex settled just under the 73,900 mark at 73,872, up by 66 points, while the Nifty closed at 22,406, climbing 27 points.
Delhi government released its Budget for the upcoming 2024-25 fiscal year on Monday. The Arvind Kejriwal-led AAP government launched a scheme titled, ‘Mukhya Mantri Mahila Samman Yojana’, which aimed to provide a monthly allowance of Rs 1,000 to women above the age of 18 years, to help them with their expenses. Further, Finance Minister Atishi said that the budget outlay for FY25 was Rs 76,000 crore, with Rs 16,396 crore allocated towards the education sector, Rs 8,685 crore for healthcare, Rs 500 crore for the development of Delhi Metro, Rs 902 crore towards the unauthorised settlements, and Rs 15 crore for helping young entrepreneurs via Business Blasters scheme.
The global rating agency, Moody’s, also revised upwards its growth forecast for India for the 2024 calendar year from the earlier estimate of 6.1 per cent to 6.8 per cent. The agency credited this boost in confidence to the strong GDP number of 8.4 per cent reported by the Indian economy for the third quarter of the current fiscal year.
Giving an overview of the Indian economy in its Global Macroeconomic Outlook for 2024 report, the agency said, “India’s economy has performed well and stronger-than-expected data in 2023 has caused us to raise our 2024 growth estimate to 6.8 per cent from 6.1 per cent. India is likely to remain the fastest growing among G-20 economies over our forecast horizon.”