The Indian rupee was trading marginally higher against the dollar on Wednesday, helped by the relative calm across Asia following the Bank of Japan (BOJ)-induced volatility.
The rupee was at 82.72 to the dollar by 11:08 a.m., compared to 82.7550 in the previous session. The local currency has been in the 82.58-82.89 range over the last three trading sessions.
"Though the (USD/INR) pair is lacking upward momentum, the price structure is upward with clear higher highs and higher lows being formed," Anindya Banerjee, head research - fx and interest rates at Kotak Securities, said.
"Nevertheless, if prices reverse below 82.55, then the bullish price structure will be negated."
Asian shares and currencies were mostly rangebound, settling down after the BOJ's unexpected hawkish turn. The yen was slightly lower after surging almost 4 per cent in the previous session.
U.S. yields were little changed and the dollar index was hovering just above 104.
The U.S. housing and consumer confidence data, due later in the day, will be keenly watched as investors are worried about how the economic output will shape up next year in the wake of the Federal Reserve's aggressive rate hikes.
The U.S. final third-quarter GDP and core Personal Consumption Expenditures print follows Thursday.
The rupee forward premiums were a tad lower after reaching a near one-month high in the previous session.
Indian equities were a tad lower. Overseas investors have been net buyers of just above $1 billion worth of shares in December so far, compared to $4.4 billion in the previous month, according to NSDL data.