The Indian rupee is likely to stay within close proximity to its recently attained record low levels amid cautious trades on Wednesday tracking broad strength in dollar overseas and muted equities in Asia. Yesterday, rupee settled flat at 84.07 against the US dollar, as the support from positive domestic markets and a softening crude oil prices was negated by persistent foreign fund outflows. Indian shares recovered from an early slide to end modestly higher on Tuesday. The benchmark S&P/BSE Sensex rose 363.99 points, or 0.45 percent, at 80,369.03, extending gains for a second straight session. The broader NSE Nifty index closed up 127.70 points, or 0.2 percent, at 24,466.85. However, the rupee is hovering around record low levels as the strong dollar weighed on the local unit, while positive domestic equities, weak crude oil prices supported the local currency at lower levels. US data from the Jolts report showed job openings at their lowest since January 2021, alongside an increase in layoffs. In contrast, the CB consumer confidence index rose sharply, marking its largest increase since March 2021. Meanwhile, a preliminary reading of third-quarter GDP is set to be released later today, followed by the PCE price index report on Thursday and nonfarm payrolls data on Friday.

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