The Indian rupee extended recovery momentum in opening trades on Wednesday tracking positive cues from equities and muted greenback overseas. The greenback came under pressure as weaker-than-expected US retail sales data bolstered bets that the Federal Reserve will have to cut interest rates soon. On the domestic front, all eyes are set on the upcoming Union Budget 2024, which is expected to be presented in July. Yesterday, rupee appreciated 13 paise to settle at 83.42 against the US dollar, buoyed by fresh inflow of foreign capital and a firm trend in domestic equity markets. The benchmark S&P/BSE Sensex rose 308.37 points, or 0.40 percent, to 77,301.14 - extending gains for a fourth straight session on the back of firm global cues and expectations that the government is considering income tax rate cuts in the upcoming Budget. The broader NSE Nifty index closed at 23,557.90, up 92.30 points, or 0.39 percent, from its previous close. However, higher crude oil prices capped the gains in the local unit.