On the domestic front too, inflation and industrial production number will be released later this week. On Tuesday, IMF released its growth forecast report wherein it has trimmed growth figures for India as well as for other major nations.
Today, "USD/INR pair is expected to quote in the range of 69.40 and 70.20," Somaiya added.
Asian shares slipped from eight-month highs on Wednesday as the International Monetary Fund lowered its global growth outlook and as tensions over tariffs between the United States and Europe escalated, Reuters reported.
The US dollar was flat at 111.14 yen, having fallen 0.5 per cent so far this week.
In the commodity market, oil prices held firm after hitting five-month highs the previous day as fighting in Libya raised supply disruption concerns, said a Reuters report.