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At 9:04 a.m., the partially convertible rupee was at 51.97/50.02, marginally weaker than Tuesday's close of 51.95/97.
Dealers said sporadic dollar-selling by the central bank via state-run banks had stemmed the rupee's decline in the previous session and they would be watching for any intervention.
The dollar index, a gauge of the dollar's performance against other majors, was 0.4 percent higher but gains in Asian currencies versus the dollar could stem a sharp fall in the rupee, dealers said.
Traders would watch the local share market for cues on foreign fund flows. The Singapore Nifty was almost flat.
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