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The rupee is trading at 62.10/11 versus its previous close of 62.09/10 after initially rising to 62.01 tracking a larger-than-expected fall in the retail inflation rate.
India's retail inflation slowed to a two-year low in January, providing some relief to the ruling Congress party ahead of national polls, but a third straight fall in industrial output in December offered little hope for an economic rebound.
Domestic shares trading largely steady and will be watched for cues on foreign fund flows.
The rupee is seen moving in a 62 to 62.30 range during the session, traders say.
