Reuters Market Eye - The rupee trading higher at 61.45/46 versus its previous close of 61.52/53, by gains in the domestic share market after an in-line monetary policy review.
The Nifty extended gains to 2 percent on day.
Traders say there is dollar selling by exporters, tracking gains in the share market, but month-end demand from importers preventing further fall in the pair.
The Reserve Bank of India (RBI) raised interest rates for the second time in as many months on Tuesday, warning that inflation is likely to remain elevated despite sluggish growth, and rolled back an emergency measure put in place in July to support the rupee.
(Reporting by Swati Bhat)
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