At the interbank foreign exchange market, the local unit opened at 83.50, and touched 83.49 in initial trade, registering a gain of 2 paise from its previous close.
On Tuesday, the rupee closed at 83.51 against the American currency.
Forex traders easing
"Demand for dollars from foreign investors kept the rupee down on Tuesday and though Wednesday's opening looks to be flat, the demand should continue. Selling by the Reserve Bank of India (RBI) could keep it range-bound.
"Importers are expected to adopt 'wait and watch' approach with a stop loss on breach of 83.60," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 105.55, higher by 0.14 per cent.
Brent crude futures, the global oil benchmark, fell 0.43 per cent to USD 82.80 per barrel.
On the domestic equity market, the 30-share
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 3,668.84 crore, according to exchange data.
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