Wednesday: the value of Indian rupee higher by 10 paise to 65.35 against the dollar in the opening trade. Meanwhile, the forex dealers said that stocks were full of promise as they opened on a firm note, which made the rupee gain ground.

According to the Pramit Brahmbhatt of Veracity, "The rupee may find support at 65.50. We expect the spot USD-INR pair to trade in a range of 65.20-65.50 for the day."

"Hawkish Fed and rising oil on the global front and uncertainty on the shape of fiscal stimulus, bank recapitalization bonds & deterioration of key economic parameters have muddied the sentiment in the bond market," Dhawal Dalal of Edelweiss AM said.

On Tuesday, the value of rupee plunged by 35 paise of 65.45 against the dollar due to heavy demand for the US currency.

However, the BSE benchmark Sensex jumped 197.70 points, or 0.70 percent, to 31,797.46 in the early trade.

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