Forex traders said a positive trend in domestic equities, foreign fund inflows and overnight decline in crude oil prices cushioned the downside.
The local unit opened at 83.94 and touched an intra-day low of 83.97 against the US dollar.
The domestic currency finally settled at 83.96 (provisional), 3 paise lower from its previous close.
On Tuesday, the rupee depreciated by 6 paise to close at 83.93 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.36 %higher at 100.91.
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