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The Indian rupee opened higher by 26 paise at 73.98 per dollar on Wednesday against Tuesday's close of 74.24/$.
The domestic unit finally settled at 2 paise lower against the greenback amid a continued meltdown in equity markets and sustained foreign fund outflows.
On the economic front, the Reserve Bank of India has reduced the capital requirements for payment aggregators to Rs15cr at the time of application for the license from Rs100cr it had proposed earlier.
The central bank said that applicants need to have Rs15cr of net worth, which needs to be increased to Rs25cr within three years of operations.
Besides, foreign institutional investors (FIIs) sold shares worth Rs4,044.69cr while domestic institutional investors (DIIs) bought shares of worth Rs3,422.12cr, as per provisional data available on the NSE showed.