The Indian rupee opened higher against the US dollar on Wednesday as the fall in the dollar index more than offset the impact of rising crude prices.
The local currency appreciated by two paise to open at Rs 83.04 against the US dollar. It closed at Rs 83.06 on Tuesday, according to Bloomberg data.
Reliance Securities expects the rupee to trade between Rs 82.95 and Rs 83.15 on Wednesday.
“The rupee has been moving in small ranges over the last two days and is likely to remain in this range as the RBI is expected to absorb all inflows, keeping the rupee in a small range,” said Anil Kumar Bhansali, head of Treasury and executive Director. at Finrex Treasury Advisors.
