The Indian rupee declined in the early trade on Thursday. It has opened lower by 18 paise at 65.05 per dollar versus 64.87 Wednesday.

Mohan Shenoi said, "The dollar has been in a tight range against majors in the absence of any significant triggers. The FOMC minutes released yesterday were in-line with market expectation of a spaced out rate hikes during the year."

"Rupee has rallied strongly on the back of custodial selling. We expect the USD-INR pair to trade in a range of 64.85-65.15/dollar for the day," he added.

The dollar nursed losses against a basket of currencies, weighed down by caution over the impending US-China summit and geopolitical concerns.

It had risen to a three-week high overnight on an upbeat US ADP private sector employment report but has pared gains in early trade.

Get updates in Intraday Stocks News and more click here and have your two days Free Trial >> http://www.ripplesadvisory.com/nifty-future-.php