The Indian rupee opened on a flat note and advanced by 5 paise to 73.80 against the US dollar in opening trade on Wednesday as investors focused on RBI Governor's speech. At the interbank forex market, the local unit opened at 73.80 against the US dollar, reflecting a rise of 5 paise over its last close. The local unit also touched a low of 73.86 in initial deals.

On Tuesday, the rupee had settled at 73.85 against the American currency. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 per cent to 91.20. Investors are focusing on the RBI Governor press conference. RBI has been in the process of assessing the exact impact of the Covid-19 second wave, Kshitij Purohit, Lead International Products & Commodities at CapitalVia Global Research, said.