The Indian rupee appreciated by 6 paise to trade at 85.51 against the US dollar in early trade on Wednesday, supported by strong foreign institutional investor (FII) inflows and a decline in global crude oil prices.
According to forex traders, the rupee is expected to trade within a range of 85.40 to 90 during the day, with mid-month demand likely from sectors such as oil, defence, and government payments.
At the interbank foreign exchange market, the rupee opened at 85.53 and later edged up to 85.51, marking a 6-paise gain from its previous close. On Tuesday, the domestic currency had settled 9 paise higher at 85.57 against the US dollar.