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USDINR closed at 61.82 against its opened at 61.8650.
The BSE Sensex and Nifty rose nearly 2 percent.
European shares rose to fresh seven-year highs on Friday, extending a two-month rally fuelled by the European Central Bank's money printing programme which starts in the coming weeks.
U.S. is to release reports on the consumer price index. The U.S. is also to release data on initial jobless claims and durable goods orders.
S&P sharply raised India's growth forecasts for the next several years to reflect a recent change in how gross domestic product is calculated by the government.
The railways aims to improve the operating ratio to 88.5 per cent during the next fiscal, the best in the last nine years.
Greece submitted a list of policy reforms to its international creditors which was approved by them, and was granted a four month bailout extension.
Traders are cautious ahead of the railway budget on Thursday and national budget on 28 February. Also traders will keep an eye on annual economic outlook survey on Friday.
Moody's Investors Service said on Wednesday that its assessment of India's credit ratings will be determined mainly by the extent of its fiscal reforms, not recent revisions to its economic growth data.
Budget 2015/16 is expected to give a boost to Prime Minister Modi's “Make in India” campaign. But Rajeev Karwal, founder of technology and consulting firm Milagrow, says the “ecosystem” to transform India into a manufacturing hub does not exist.
Investors want Finance Minister Arun Jaitley to strike a balance between boosting capital spending and exercising fiscal restraint. Unless that happens markets are likely to fall.
India is likely to cut its annual fertiliser subsidy by 4 percent to around 700 billion rupees in its budget proposals for fiscal year 2015-16.
Janet Yellen’s testimony
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