The Indian rupee on Thursday opened at 64.48 to the dollar, up 3 basis points from its previous close of 64.51.
Dealers said that the market is expected to be in wait-and-watch mode before the upcoming monetary policy review. They added that trade was expected to remain muted as investors will refrain from taking fresh positions.
Mohan Shenoi of Kotak Mahindra Bank said that in the absence of any major triggers global currency markets were expected to range-bound. He added that selling of dollars by exporters and support by the Reserve Bank of India are likely to keep the rupee range-bound.
The USD-INR is expected to trade in the range of 64.35-64.70 to the dollar for the day.