The Indian rupee and stocks advanced and bond yields fell sharply as the budget speech progressed in which stronger than expected fiscal deficit targets have been announced.

At 5:53 GMT, the USD/INR was at 59.71, after trading at 59.73 ahead of the budget and compared with the previous close of 59.75.

The 10-year benchmark bond traded at a yield of 8.64% sharply below 8.72% where it traded shortly before the speech started. It had closed the previous day at 8.73%.

The BSE Sensex traded 0.5% higher after being 0.06% up shortly before the speech started.