New Delhi, Aug. 28 -- The Indian rupee opened 3 paise higher at 95.51 against the US dollar on Friday, with steady importer demand for the greenback and continued Reserve Bank of India (RBI) intervention expected to keep the currency around the 95.50 level ahead of a closely watched speech by the Federal Reserve chief.

The rupee has remained range-bound this week, trading between 95.40 and 95.75, broadly mirroring the narrow range seen in the previous week.

According to a Reuters report, a currency trader at a bank said the rupee appears to have "found a temporary equilibrium" at current levels.

Bankers said oil prices hovering near $90 a barrel have largely been absorbed by the market, while continued RBI intervention is expected to l...