Currency Market Updates: On Tuesday, the rupee gave up its early gains and finished 17 paise weaker at 74.82 against the US dollar, owing to higher-than-expected borrowing in the coming fiscal year.

Investors were wary after Finance Minister Nirmala Sitharaman announced on Tuesday that the government will borrow around Rs.11.6 lakh crore from the market to fund its spending needs in 2022-23, according to Forex traders. Furthermore, the government stated that the fiscal deficit in 2021-22 will be 6.9% of GDP, and 6.4 percent in 2022-23, which weighed on attitudes.

The rupee opened at 74.53 against the US dollar on the interbank foreign exchange, with an intra-day high of 74.41 and a low of 74.87 against the greenback.  The local currency finished the day at 74.82, down 17 paise from the previous closing of 74.65.

The dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.19 percent to 96.35.

The 30-share Sensex closed the day 848.40 points or 1.46 percent higher at 58,862.57, while the wider NSE Nifty concluded the day 237.00 points or 1.37 percent higher at 17,576.85.

Brent crude futures lost 0.94 percent to $88.42 a barrel, the global benchmark. According to stock exchange data, foreign institutional investors were net sellers in the capital market on Monday, offloading shares worth Rs.3,624.48 crore.

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