The rupee was trading weak by 74 paise at 62.37 against the dollar at 4.50 p.m. local time.
The domestic opened weak by 30 paise at 61.93 to the dollar against the previous close of 61.63 on fresh dollar demand from banks and importers despite dollar's weakness overseas.
The rupee moved in the range between 61.81 and 62.40 during the day.
In the global market, the dollar was quoted lower in the early trade with investors looking ahead to the European Central Bank policy decision.
On Tuesday, the domestic unit strengthened due to large inflows from a telecom company and dollar selling by foreign banks.
According to dealers, the expectation that RBI may wind down the special forex swap window for oil marketing companies will weigh on the rupee.
Call rates, G-secs
The overnight call money rate, the rate at which banks borrow from each other for their short-term funding requirements, opened sharply higher at 8.25 per cent against the previous close of 7 per cent.
Yield on the 10-year benchmark 7.16 per cent 2023 government bond hardened to 8.75 per cent from its previous close of 8.73 per cent. Bond prices opened lower at Rs 89.8 from Rs 89.95.
