Ahead of Budget 2023 rupee gains 12 paise to 81.76 against US dollar

The rupee opened on a positive note and gained 12 paise to 8176 against the US dollar in early trade on Wednesday ahead of the Union Budget presentationAt the interbank foreign exchange the domestic unit opened at 8176 against the dollar registering a rise of 12 paise over its previous closeAlso readBudget 2023 Here are the key numbers to watch forOn Tuesday the rupee depreciated by 36 paise to close at a threeweek low of 8188 against the US dollar after the Economic Survey 202223 said the domestic unit may remain under pressure on account of plateauing of exports and subsequent widening of the current account deficitMeanwhile the dollar index which gauges the greenbacks strength against a basket of six currencies fell 002 per cent to 10208Brent crude futures the global oil benchmark declined 048 per cent to USD 8449 per barrelThe focus now will be on the governments fiscal consolidation path when it presents the Union Budget FY24 Investors will also eye the outcome from the Fed meeting later in the evening forex traders saidWe have the Union Budget today We believe the key to making both the stock market and bond market happy would be a theme which focuses on capex and fiscal consolidation IFA Global Research Academy said in a research noteFinance Minister Nirmala Sitharaman on Wednesday will present her fifth straight Budget at a time when the economy is slowing due to global headwinds and specific sectors need attentionIn the runup to the Budget presentation expectations are rife that she may tweak incometax slabs to provide relief to the middle class and increase spending on the poor through programmes such as the rural job scheme while ramping up financial incentives for local manufacturingBut she has to do all this while staying on the course of the fiscal consolidation pathIn the domestic equity market the 30share BSE Sensex was trading 35275 points or 059 per cent higher at 5990265 The broader NSE Nifty advanced 9675 points or 055 per cent to 1775890Foreign Institutional Investors FIIs were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 543964 crore according to exchange dataThe governments fiscal deficit as of endDecember touched 598 per cent of the fullyear Budget Estimate on subdued growth in revenue collections according to finance ministry data released on TuesdayThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever