The rupee traded in a narrow range on Wednesday and appreciated 2 paise to 83.96 against the American currency, on easing crude oil prices and tracking its Asian peers.
Forex traders said foreign institutional inflows, alongside significant corrections in asset classes like the dollar index and crude oil prices, supported the rupee, while the Reserve Bank's active intervention kept the rupee in a tight range.
At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.97 against the American currency and was at 83.96 in initial trade, registering a rise of 2 paise over its previous close.
On Tuesday, the rupee depreciated 3 paise to close at 83.98 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.21 per cent to 101.42 points.
Brent crude, the international benchmark, was trading higher by 0.48 per cent to USD 69.52 per barrel in futures trade.
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