Re gains 8ps to close at 82.96/$

Mumbai: The rupee appreciated by 8paise to close at 82.96 against the US dollar on Thursday after the government hinted at faster fiscal consolidation and lower borrowings in its interim Budget for 2024-25.

However, a strong greenback against major rivals overseas and subdued domestic equity markets restricted the sharp gain in the domestic unit, forex traders said. Finance Minister Nirmala Sitharaman on Thursday hiked capital expenditure by 11 per cent for the next fiscal to sustain a world-beating economic growth rate while trimming the deficit in a reform-oriented interim budget.

At the interbank foreign exchange, the rupee opened at 83.02 against the dollar.