Indian rupee opens flat at 61.89 per dollar

The Indian rupee opened flat at 61.89 per dollar on Wednesday as against previous day's closing value of 61.85 a dollar.

Ashok Gautam of Axis Bank feels the dollar-rupee pair will continue to be sold on upticks in the near to medium term. He expects range for the day is 61.52-61.98/USD.

Also Read - Rupee may see further recovery in near-term: HSBC

Meanwhile, yen nurses heavy losses in early trade, having suffered a vicious turnaround as safety demand faded after Russian President Vladimir Putin played down the prospect of a war in Ukraine.

Renewed risk appetite also helped lift commodity currencies such as the Australian dollar, which popped back to USD 0.8970.

Investors, however, stayed clear of the euro given the risk that the European Central Bank could loosen monetary policy at Thursday's review.