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The Indian Rupee (INR) gains against the US Dollar (USD) in the opening session on Monday, following the fiscal budget Financial Year (FY) 2026-27 announcement by the Indian government on Sunday. The USD/INR pair declines to near 91.85 as the Reserve Bank of India (RBI) has intervened in the spot and Non-Deliverable Forward (NDF) markets to provide a cushion to the Indian Rupee near its lifetime lows against the US Dollar. According to a report from Reuters, traders say that the Indian central bank likely intervened before the local spot market opened on Monday to help the currency stave off a fall to near record low levels. Meanwhile, Indian stock markets trade slightly higher after a subdued opening on Monday, striving to regain ground after crashing the previous day. Indian bourses fell like a house of cards on Sunday after the annual budget announcement in which the government surprisingly raised Securities Transaction Tax (STT) on trading in the Futures and Options (F&O) segment in the derivative market to extend its grip on curbing speculative activities. Other major highlights of the fiscal budget were 22% increase in the defence budget to modernize defence equipment, 9% rise in capital expenditure to ₹12.2 lakh crore, tax holidays for global companies to produce data centers in India till 2047, an increase in outlay of Rs. 40,000 Crore to boost the manufacturing of electronic components, and the launch of the Semiconductor Mission 2.0. Going forward, the major trigger for the Indian Rupee will be the monetary policy announcement by the RBI on Friday. In the December policy meeting, the Indian central bank slashed the Repo Rate by 25 basis points (bps) to 5.25%, and announced a fresh liquidity infusion of ₹1.5 lakh crore to boost credit flow. Daily Digest Market Movers: US Dollar gains on Warsh’s…

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Filed under: News - @ February 2, 2026 6:16 am