Forex market sentiment turned highly volatile and reacted vehemently to some key Budget announcements triggering panic dollar buying by corporates and importers. The home currency settled the week with a sharp 51 paise, or 0.80%. Unveiling the Budget 2018-19, Finance Minister Arun Jaitley projected a higher fiscal deficit of 3.5% of the GDP for 2017-18, as against the target of 3.2%. The home currency plunged to a fresh one-month low of 64.20 on Thursday before ending at 64.06, showing a loss of 51 paise, or 0.80%. Foreign funds and overseas investors continued their portfolio buying spree and infused USD 248.05 million during the week.

Source: Hindustan Times February 03, 2018 11:49 UTC