Traders expect the currency to remain range-bound in the near-term in the absence of any major domestic or global triggers.
The December quarter growth data due to be released on Friday after market close will be the next key factor for markets.
The rupee is likely to hold in a 61.70 to 62.80 per dollar range until the end of the week.
Spot has remained in a tight range as a large state-run bank keeps bidding and absorbs the supplies.Traders speculate that inflows from an offshore bond sale by Indian Railway Finance Corp, which raised $500 million, has been helping the rupee in recent sessions.
Gains in the domestic sharemarket helped limit a further downside to the rupee.
In the offshore non-deliverable forwards, the one-month contract was at 62.29, while the three-month was at 63.05.