On December 2, the rupee ended 8 paise higher at 71.66 against the US dollar.
The Indian rupee erased morning losses and trading higher at 71.60 per dollar, with Indian domestic indices are trading at day's low level.
It opened lower at 71.70 per dollar on Tuesday versus previous close 71.66 per dollar.
On December 2, the rupee ended 8 paise higher at 71.66 against the US dollar amid participants hoping Reserve Bank will go for another rate cut in the ensuing RBI policy review meet this week.
The dollar traded near a one-week low versus the yen on Tuesday and near the lowest in almost two weeks against the euro, on concern about weak US manufacturing data and signs of new fronts in the US trade war.
Oil prices rose for a second day as Saudi Arabia, the de facto OPEC leader and the world's biggest oil exporter, is pushing producers to deepen a supply cut agreement when suppliers meet this week, potentially lowering supply in 2020.
The dollar-rupee December contract on the NSE was at 71.83 in the previous session. Open interest declined 0.63% in the previous session, said ICICIdirect.We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions, it added.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.