The rupee was keeping losses but in a narrow range. The Indian currency was at 54.37/3750 versus Tuesday's close of 54.26/27.
Dealers cited overseas borrowing related inflows from a large steel company.
Shares were trading flat, down 0.1 per cent. The pair has short-term resistance at 200 DMA at 54.52 and subsequently previous high of 54.56, seen on March 20.
The yen and the euro inched lower versus the dollar on Wednesday, with trading largely characterized by a lack of conviction as markets awaited policy decisions by the Bank of Japan and European Central Bank on Thursday.
