At the interbank foreign exchange market, the local unit opened at 82.34 and touched an intra-day high of 82.26 and a low of 82.47 against the greenback.
It finally settled at 82.44, registering a rise of 3 paise over its previous close of 82.47.
“Rupee consolidated in a narrow range even after the RBI raised rates by another 35 bps. It lowered its FY23 GDP forecast to 6.8% from 7%,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.
“We expect the USD-INR (Spot) to trade sideways and quote in the range of 82.20 and 82.80,” he added.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.29% to 105.40.
Global oil benchmark Brent crude futures rose 0.63% to $77.66 per barrel.
On the domestic equity market front, the 30-share BSE Sensex advanced 160.00 points or 0.26% to end at 62,570.68, while the broader NSE Nifty gained 48.85 points or 0.26% to 18,609.35.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth ₹1,241.87 crore, according to exchange data.