The cost of holding one-year forward dollars rose to 482.75 basis points from 472.75 bps on Tuesday.
The domestic currency spurted by 425 paise or 6.28 per cent in last five straight sessions.
The rupee had gained nine paise to close at nearly one- month high of 61.84 against the dollar in yesterday's trade after the government said in the interim Budget that fiscal deficit this financial year will be capped below target.
Overseas funds have also become strong buyers of debt, with net purchases of $5.6 billion so far this year.
Rupee will weaken against the dollar in next 12 months, says Reuters poll.
The rupee resumed higher at 61.75 as against the last closing level of 62.05 per dollar at the Interbank Foreign Exchange (Forex) Market and firmed up further to a one-month high of 61.53 before quoting at 61.59 per dollar at 1045 hours.
In the global markets, the US dollar traded lower in early trade after former US Treasury Secretary Larry Summers withdrew himself from the race to be the next Federal Reserve chairman.
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