The rupee has gained substantially since hitting a two-month low of 63.0025 on March 13, forcing heavy intervention from the RBI, capping what could have been broader gains, says traders.

There are expectations the Fed will remain cautious on rate hikes, benefiting the rupee.

The rupee had gained for seven straight sessions to Tuesday on large dollar inflows into equity and debt markets.

It had gained around 1 per cent vs dollar during this phase.

The Indian unit is broadly seen holding in a 61.50 to 63.00 range in the near term.

"There are huge flows but RBI is there like a rock.

They can't depreciate the currency, all they can do is stop it from appreciating by buying dollars to support exports," says head of foreign exchange trading at large private bank.