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However, a strong greenback against major rivals overseas and subdued domestic equity markets restricted the sharp gain in the domestic unit, forex traders said.
At the interbank foreign exchange, the rupee opened at 83.02 against the dollar. During the session, the local unit touched a high of 82.93 and a low of 83.03.
Continuing on the fiscally prudent path, the Modi government in the interim Budget refrained from announcing populist measures, which will help it trim the fiscal deficit to 5.1 per cent of the GDP next fiscal and 4.5 per cent in FY26.
The interim Budget has prioritised pragmatism over populism by focusing on higher capex and faster fiscal consolidation. The math not only projects a better-than-budgeted deficit target for FY24 but also pegs the FY25 goalpost at a narrower 5.1 per cent against expectations of 5.3-5.4 per cent,
The rupee finally settled at 82.96 against the US dollar, registering a gain of 8 paise over its previous close.
On Wednesday, the rupee appreciated 6 paise to 83.04 against the US dollar.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.45 per cent higher at 103.55.
Brent crude futures, the global oil benchmark, surged 0.92 per cent to USD 81.29 per barrel.
In the domestic equity market,
Meanwhile, India’s manufacturing sector growth climbed to a four-month high in January as a sharper upturn in new orders boosted output growth amid mild cost inflation, a monthly survey said on Thursday.
Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday as they purchased shares worth Rs1,660.72 crore, according to exchange data.
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