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Reuters Market Eye - The rupee trades at 53.64/65 versus its previous close of 53.91/92, after earlier hitting a session high of 53.5475, its highest since January 22.
Traders say sentiment for the rupee turning positive after the central bank cut both the repo rate and the cash reserve ratio by 25 basis points each at its policy review.
Some traders also say rupee boosted by dollar inflows from the Axis Bank share sale to qualified institutional investors.
"The rate cut was most or less certain, so that is not the only reason pushing the rupee up. There seems to be Axis flows in the market as well," a senior dealer with a private bank said. Two other dealers also cited Axis Bank-related inflows.
Reporting by Swati Bhat