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The Reserve Bank of India is likely to have stepped in to prop up the rupee via state-run banks, from falling further after it opened at a nine-week low of 63.90 to the dollar, traders said.
The rupee was trading at 63.76/77 versus its close of 63.71/72 on Tuesday.
The rupee is heading for a sixth straight-session slump, tracking the unexpected quickening of retail inflation in October, sparking rate hike fears as well as concerns over tapering of the dollar-swap window for oil firms.
India's annual consumer price inflation for October rose 10.09% on the back of high food and fuel prices, government data showed on Tuesday.
The rupee has already shed around 3.3% over the last five sessions.
