The rupee is seen moving in a 61.40 to 61.60 range.
Almost all Asian currencies gained on easing worries about the standoff in Ukraine.
Traders say a narrower current account deficit is also helping the rupee slightly though the figure was widely expected.
Data post-market hours showed India's balance of payments swung back into surplus during the October-December quarter, helped by government curbs on gold imports, after two quarters in deficit.
Overseas investors bought Indian shares worth $119.46 million on Wednesday, extending their buying streak to a 14th consecutive day for a net of about $800 million, provisional exchange data shows.
The BSE Sensex is trading up 0.4%.