The rupee strengthened to a near three-week high against the dollar, while shares headed for their biggest daily gains in more than two years after the government stuck to its fiscal deficit target for 2016/17.
Further gains in the rupee were averted, however, after the central bank was suspected of having bought dollars around the 67.95 rupee level, according to traders.
The Indian rupee rose as much as 67.95 per dollar, its strongest level since Feb. 11. It was last trading at 68.0350/0400 as compared with its 68.4250/68.4350 close on Monday.
The broader Nifty rose as much as 3.2 percent and was headed for its biggest gain since September 2013.
The benchmark BSE Sensex was up 3.1 percent.
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Dollar extended its losses on Friday’s trade as remarks by global central banks indicated that the era of cheap money was coming to an end in a boon to sterling, the euro and Canadian dollar.capitalstars
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