On Tuesday rupee slipped 47 paise to 73.23 against the US dollar, as investor sentiment remained fragile amid concerns over the impact of coronavirus.
The Indian rupee ended lower at 73.21 but recovered from the day's low of 73.63 per dollar amid selling seen in the domestic equity market.
It opened 22 paise higher at 73.07 per dollar versus previous close of 73.29.
The Sensex closed 214.22 points lower at 38,409.48, while Nifty fell 52.30 points at 11,251.
The US Federal Reserve cut interest rates on Tuesday in a bid to shield the world’s largest economy from the impact of the coronavirus, but the emergency move failed to comfort US financial markets roiled by worries about a deeper, lasting slowdown.
The dollar fell to a five-month low versus the yen after an emergency 50 basis point cut in interest rates by the US Federal Reserve was deemed insufficient to offset downside risks posed by the global spread of the coronavirus.
Gold prices rose on Wednesday, extending gains from a 3% rise in the previous session as the US Federal Reserve slashed its benchmark interest rate to cushion the economic impact from the fast-spreading coronavirus.
Brent oil prices rose on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak.
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