At 11:40 a.m. (0610 GMT), the partially convertible rupee was at 44.7650/7700 per dollar compared with its previous close of 44.78/79. So far in the day, it had traded in a range of 44.7200-44.7850.

"Global shares are positive....Rupee should have opened with good gains, but opened almost flat on technical price adjustment to spot rate," said Vikas Chittiprolu, a senior forex dealer with Andhra Bank.

"I see a range of 44.68-44.80 intraday," he said.

Indian shares extended gains to 1 percent on Wednesday morning, tracking strong Asian markets.

Dollar inflows from overseas corporate borrowings that usually rise towards the end of a financial year as companies close their accounts, also supported the rupee.

"The dollar index is up, and month-end demand from oil importers is there -- which will put a lid on the local unit," Chittiprolu said.

The index of the dollar against six major currencies was up 0.06 percent at 76.300 points.

Oil refiners who make their import payments towards month-end are the biggest buyers of dollars in the forex market. India imports more than two-thirds of the oil it consumes.

The one-month onshore forward premium was at 25.25 points, down from 27.50, the three-month premium at 78.75 points versus 82.75 and the one-year was at 289.00 points from 296.25.

The one-month offshore non-deliverable forward contracts were quoted at 44.97, weaker than the onshore spot rate.

In the currency futures market , the most traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were all at 44.9775, with the total volume at about $2.06 billion.