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The rupee is trading at 58.4750/4850 versus its previous close of 58.7750/7850 on Wednesday, tracking gains in local shares.
The rupee hit a session high of 58.41 after reports that the finance ministry is working on a proposal to cut the fiscal deficit to 3.8-3.9% of GDP, citing two finance ministry officials.
That would be below the current target of 4.1% of GDP set by the earlier Congress party-led government.
The rupee is seen moving in a 58.40 to 58.60 range until close.
