“For the day, we expect the rupee (Spot) to quote in the range of 75.40 and 76.20,” MOSL said.
Between April 1 and May 15, the foreign exchange reserves have increased by $9.2 billion.
Das said inflation outlook is highly uncertain and India is seeing a collapse in demand.
On Wednesday, the rupee had settled at 75.80 against the US dollar.
Motilal Oswal Financial Services believes the local unit will remain under pressure on the back of fund outflows by the FIIs from the equity and debt segment.
"I think they might keep going," said Westpac FX analyst Imre Speizer.
On Tuesday, the rupee had settled at 75.66 against the US dollar.
On the domestic front, market participants will be keeping an eye on the growth number that will be released later next week.
The dollar also edged higher against the safe-haven yen to edge near a five-week high though it was capped by renewed scepticism on coronavirus vaccine developments.
On Monday, the rupee had settled at 75.91 against the US dollar.
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