Sushil Finance expects USDINR to trade positive on the back of weak domestic GDP data. The Indian rupee gained on Tuesday after a volatile trading session as dollar selling by custodian banks and a large corporate helped offset importer demand for the greenback.

Traders said gains were also helped by higher Asian currencies on the back of strength in the Japanese yen and a rebound in the Chinese yuan. But sentiment is expected to turn more cautious ahead of the upcoming July-September economic growth data on Friday and the Reserve Bank of India's monetary policy review on Dec. 2.

India's economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources told Reuters, putting pressure on the central bank to cut interest rates.

However, gains in the rupee were capped as shares fell, retreating from a record high hit earlier in the session as financial firms slumped on worries parliament would delay an insurance bill, while new rules for offshore derivatives raised worries over foreign flows, the broking firm said.

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