RBI Governor Raghuram Rajan's outlook on the future rate trajectory and his comments on the monetary policy committee report will be keenly watched. Any hawkish outlook may lead to a stock selloff, pressuring INR, traders say.
The pair is seen holding in a 62.80 to 63.30 range until the policy review outcome.
Domestic shares up 0.1 percent in preopen trade.
The dollar regained a firmer footing against the yen on Tuesday, as expectations the US Federal Reserve will scale back its stimulus further pulled the US currency off a seven-week low against its Japanese counterpart.