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However, the dollar's gain against some currencies and month-end demand for the greenback capped gains for Indian rupee to some extent.
At the Interbank Foreign Exchange (Forex) market, the domestic currency traded higher at 48.82 against the US currency, a rise of 12 paise over the previous close of 48.94/95 a dollar.
On Tuesday, the rupee rose by 31 paise to close at 48.94/95 a dollar.
Forex dealers said increased capital inflows by funds on hopes of firm opening on the domestic bourses supported the Indian rupee.
Among Asian markets, Japan's Nikkei was up by 0.70 per cent in early trading while the BSE Sensex closed 3.80 per cent higher on Tuesday.
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