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The rupee is trading at 54.01/02 versus its Tuesday's close of 54.15/16 after hitting 53.89 in early trade, its highest since February 28.
Traders say sentiment for the dollar/rupee continues to remain weak on the back of the recent sell-off in global commodities and rising hopes of a rate cut.
Asian currencies also trading stronger versus the dollar.
Traders say easing inflation has helped cement rate cut bets at the central bank's upcoming annual monetary policy on May 3.
The selloff in global commodities is seen taking the pressure off the country's record current account deficit, which has been a key factor weighing on the rupee.
The pair is seen getting some support at 53.80 levels and moving in a 53.70 to 54.20 range during the session.
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