India's currency, debt, stock and money markets will remain closed on Thursday for a public holiday. Markets will resume trading on Friday.
The partially convertible rupee closed at 61.98/99 per dollar on Wednesday compared with its close of 61.9350/9450 on Tuesday.
The BSE Sensex rose 0.65 percent, or 134.52 points, to end at 20,986.99 on Wednesday. Nifty rose 0.62 percent, or 38.75 points, to end at 6,238.80.
The benchmark 10-year bond yield closed 5 basis points higher at 8.92 percent, a level last seen on December 30.
The benchmark five-year swap rate closed up 8 bps at 8.61 percent, while the one-year rate ended 5 bps higher at 8.71 percent.