<h1>Rupee strengthens to 91.56 as budget signals fiscal credibility amid large government borrowing and tax changes.</h1> The Budget projects government borrowing of Rs 17.2 lakh crore to fund a fiscal deficit of 4.3% of GDP, signalling fiscal discipline while potentially pressuring investor sentiment. Early trading saw the rupee strengthen as crude prices eased, but analysts identified 92.00 as a near term pivot for USD/INR. Concurrently, higher securities transaction tax on derivatives and changes to buyback taxation raised market costs, contributing to equity weakness and foreign institutional selling.