The rupee inched higher against the dollar to 53.87/88 versus its Monday's close of 53.91/92, tracking some risk-taking seen in regional markets. However, month-end dollar demand from oil firms limited the fall.
Asian shares rose as recent selling draws bargain hunters, but investors are cautious ahead of more U.S. economic reports and a Federal Reserve policy decision later in the week that may offer clues to the Fed's stimulus plans.
Traders are awaiting the RBI's monetary policy decision due at 11 a.m. for further direction. The market sentiment is cautious after the RBI said, in its macro-report on Monday, that a sustained commitment to contain the fiscal and current account deficits was needed to create room for monetary easing.
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