The Indian rupee gained ground against the U.S. dollar in afternoon deals on Monday, as regional stocks erased early losses after the Indian Finance Minister Arun Jaitley retained fiscal deficit target at 3.9 percent of GDP for this financial year and at 3.5 percent for the next.

India's external situation is robust and the current account deficit has declined to $14.4 billion this year, which will be 1.4 percent of GDP at the end of fiscal year, the minister said during the presentation of the Union Budget 2016-2017.

Jaitley noted that inflation has fallen to 5.5 percent under the Modi-led government, despite two poor monsoons.

The rupee climbed to 68.45 against the greenback, its strongest since February 24. The rupee is likely to find resistance around the 67.5 zone. The pair closed Friday's trading at 68.75.

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