The rupee was trading stronger against the dollar at 61.59 against Monday's closing of 61.65. Forex markets were closed for trading on Tuesday.
The rupee has been gaining since the start of the year, though equity markets have remained volatile so far.
Dealers say the rupee is likely to show signs of strength and substantial weakness can be ruled out in the absence of any major triggers.
In fact, the rupee is likely to be rangebound. The rupee might now take cues from the RBI meeting scheduled later this month. To check rupee rates click here