The Indian rupee continues to stay in a tight range against the dollar in opening trades on Wednesday. Gains from strong domestic equities and sliding global crude prices were negated by a cautious greenback overseas. Powell told the committee, in his testimony before the Senate Banking Committee that more good data would strengthen the central bank's confidence inflation is moving sustainably toward its 2 percent target and lead to a potential interest rate cut. Dollar index is lingering below 105 mark. Yesterday, rupee inched up one paisa at 83.49 against the US dollar. Meanwhile, Indian shares continued their upward momentum on Tuesday. The benchmark 30-share BSE Sensex rose 391 points, or 0.49 percent, to 80,351 amid buying in blue-chip stocks. The broader NSE Nifty hit a new high of 24,443 before finishing up 112 points, or 0.46 percent, at 24,433.