The Indian rupee is likely to stay supported in opening trades on Thursday tracking positive cues from equities. Moreover, dollar index has erased some of its recent gains but continues to stay above 104 mark ahead of crucial data that could weigh on the local unit through the day. Investors are cautiously awaiting the upcoming US PCE price index report, a key inflation gauge for the Federal Reserve, which could impact monetary policy outlook. Rupee declined by 4 paise to close at 83.33 against the US dollar on Wednesday. The 30-share S&P BSE Sensex rallied 526.01 points, or 0.73 percent, to close at 72,996.31, while the NSE Nifty 50 ended at 22,123.65, up 118.95 points, or 0.54 percent, from its previous close. Last week, rupee fell to a lifetime low of 83.61 amid a heavy selling by Foreign Institutional Investors or FIIs in local bonds. Total selling by FIIs amounted to a net $425.3 million on 22 March 2024.

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