85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
The government will undertake additional market borrowing of Rs 50,000 crore in the remaining period of the current fiscal to meet expenditure, according to its issuance calendar released on Wednesday.
Giving details of the government securities (G-Sec) to be issued during the upcoming fourth quarter, a Finance Ministry statement said the government had net market borrowings of Rs 3.81 lakh crore in the current fiscal till December 26.
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Following a review of the government’s borrowing programme undertaken along with the Reserve Bank of India (RBI), the government had decided to “raise additional market borrowings of Rs 50,000 crore only in fiscal 2017-18 through dated government securities,” it said.
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“The government will, thus, between now and March 2018, not be raising any net additional borrowing (T-Bills will be run down by Rs 61,203 crore and additional G-Sec borrowing will be Rs 50,000 crore),” it said.
“The revised G-Sec borrowing would be Rs 15,000 crore each in the last five weekly auctions of fiscal 2018 ending on 9th February, 2018. The revised T-Bill borrowing will be Rs 14,000 crore each in first 13 weeks of 2018 ending on 28th March,” it added.
The Union Budget for the current fiscal had pegged the government’s gross and net market borrowings at Rs 5,80,000 crore and Rs 4,23,226 crore, respectively, with Rs 3,48,226 crore being raised from dated government securities and Rs 2,002 crore from T-bills.
The government’s gross and net market borrowings in the current fiscal till December 26 stood at Rs 5,21,000 crore and Rs 3,81,281 crore, respectively, the statement added.
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