We determine the sensitivity to neutrino oscillation parameters from a study
of atmospheric neutrinos in a magnetised detector such as the ICAL at the
proposed India-based Neutrino Observatory. In such a detector that can {\em
separately} count νμ and νμ-induced events, the
relatively smaller (about 5\%) uncertainties on the neutrino--anti-neutrino
flux ratios translate to a constraint in the χ2 analysis that results in
a significant improvement in the precision with which neutrino oscillation
parameters such as sin2θ23 can be determined. Such an effect is
unique to all magnetisable detectors and constitutes a great advantage in
determining neutrino oscillation parameters using such detectors. Such a study
has been performed for the first time here. Along with an increase in the
kinematic range compared to earlier analyses, this results in sensitivities to
oscillation parameters in the 2--3 sector that are comparable to or better than
those from accelerator experiments where the fluxes are significantly higher.
For example, the 1σ precisions on sin2θ23 and
∣Δm32(31)2∣ achievable for 500 kTon yr exposure of ICAL are
∼9% and ∼2.5% respectively for both normal and inverted
hierarchies. The mass hierarchy sensitivity achievable with this combination
when the true hierarchy is normal (inverted) for the same exposure is
Δχ2≈8.5 (Δχ2≈9.5)