The Indian rupee has recovered from the day's low level but it is trading lower by 7 paise at 70.91 per dollar, with Indian domestic equity market is trading near the day's high level.
Rupee touched an intraday low of 71.02 per dollar.
It opened lower by 6 paise at 70.90 per dollar versus previous close 70.84.
The Sensex is up 272.13 points at 40,103.97, while Nifty is up 72 points at 11,858.90.
The rupee pared some of its early gains to close with a marginal rise of 6 paise at 70.84 against the US dollar on October 29 as foreign fund inflows and lower crude oil prices rendered some support. However, stronger dollar against key global currencies kept the rupee movement under check through the session.
Gold prices held steady on Wednesday on prospects of a delay in the US-China trade pact, while cautious investors awaited the Federal Reserve's decision on interest rates later in the day.
Oil prices slipped, with US crude falling for a third day after an industry report that stocks at the Cushing delivery hub for the benchmark rose last week, shrugging off a drop in overall inventories.
The dollar traded narrowly as markets braced for a rate cut by the Federal Reserve later today, while sterling steadied as Britain heads for an early general election the prime minister hopes will break the deadlock over Brexit.
The dollar-rupee November contract on the NSE was at 71.04 in the previous session. Open interest increased 75.04% in the previous session, said ICICIdirect.We expect the USD-INR to find support at lower levels. Utilise downsides in the pair to initiate long positions, it added.