- At the forex market, the rupee opened at 71.08, but during the day it came under selling pressure. The local unit moved in a range of 70.94 to 71.39 and finally ended at 71.25 against dollar.
- The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.06 per cent to 95.52, ahead of US labour market report.
- According to V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities, rupee and bonds fell on the budget announcement of the higher borrowings,"
- The government has pegged the fiscal deficit target at 3.4 per cent of gross domestic product (GDP) for financial year 2019-20, Union Minister Piyush Goyal said on Friday.
- "Announcements towards farms, farmers and middle income category are expected to create huge pressure on the fiscal deficit during FY20," Arun Singh, Lead Economist, Dun & Bradstreet's said.
- The government made a big push in his final budget before the Lok Sabha elections, cutting taxes for middle-class voters and giving cash handouts to farmers. This, however, will widen its fiscal deficit targets for the current and next financial year, analysts said.
- Brent crude, the global oil benchmark, meanwhile, was trading higher at $60.97 per barrel, higher by 0.21 per cent.
- Equity benchmark Sensex ended 212.74 points, or 0.59 per cent, higher at 36,469.43, despite the government presenting a populist budget carrying fiscal fragilities. Similarly, the 50-share NSE Nifty jumped 62.70 points, or 0.58 per cent, to close at 10,893.65.
- Foreign funds bought shares worth Rs 1,315.89 crore from the capital markets on a net basis on Friday, while domestic institutional investors sold shares worth Rs 5.07 crore, provisional data showed.
- On a weekly-basis, the domestic currency registered a loss of 8 paise. The rupee had registered a marginal gain of 2 paise in the previous week.
(With inputs from agencies)
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