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Reliance Securities Report
The Indian rupee depreciated for the first time in three sessions against the U.S. dollar amid government's elevated fiscal deficit targets for this financial year and the next year.
The government pegged the fiscal deficit at 6.9% of gross domestic product for this financial year, slightly higher than the 6.8% previously estimated. The government aims to lower the fiscal gap to 6.4% of GDP for the next financial year.
Additionally, according to market players the rupee also weakened amid disappointment over the federal budget that did not announce any tax reliefs to aid the inclusion of local bonds in global indices.
The rupee ended at 74.79 compared with 74.61 yesterday.
Prior to the budget, the rupee had briefly strengthened to an intraday high of 74.42 lifted by weaker dollar and subdued crude oil prices.
The benchmark BSE Sensex also closed 1.5% higher to extend yesterday's advance, while Asian peers were stronger this Tuesday and capped further depreciation.
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