Indian Rupee Steady Against U.S. Dollar

The Indian rupee was steady against the U.S. dollar in evening deals on Friday, ahead of the Union Budget due to be unveiled on Saturday.

Finance Minister Arun Jaitley will present the Modi government’s first full-year budget for the fiscal year 2015/16, with expectations riding high that the government may deliver a wave of measures to put Asia’s third-largest economy on a path of 8-9 percent growth over the next two years.

According to the Economic Survey for 2015-16, India’s economic growth is expected to be 8.1-8.5 percent in the next fiscal year, higher than the 7.4 percent growth projected for 2014-2015 year. The survey was released ahead of federal budget announcement for 2015/16 fiscal year that begins on April.

The rupee was trading around Thursday’s closing value of 61.73 against the greenback.

The material has been provided by InstaForex Company – www.instaforex.com

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