Rupee trading at 56.06/07 versus previous close of 55.9650/9750. It has traded in a 55.90-56.10 range during the session, largely tracking developments in the euro and global risk sentiment.
Large selling of dollars from a telecoms company had earlier pressured USD/INR, traders say.
The euro fell against the dollar on Tuesday after weak German manufacturing data fuelled concerns about slowing growth in Europe's largest economy.
The common currency looked likely to extend losses on mounting concerns Spain may need a full bailout.
Local stocks end with modest gains: the BSE Sensex adds 0.24 percent.
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