Rupee gained as foreign banks sold dollars; also the state-run banks were earlier found offering around 62.02 levels.
The pair was trading at 61.78/79 versus Tuesday's close of 61.88/89, having traded in a 61.7650-62.02 band.
Gains in local stocks, which are up 0.6 per cent, also helped. A RBI panel suggests targeting consumer price inflation, which may mean higher interest rates may remain longer.
