The rupee opened higher two paise at 66.99/$ against US Dollar Wednesday as against the previous close of 67/$.
Asian markets got off to a tentative start. Shanghai Composite and Hang Seng are trading in red, while Nikkei 225 is marginally down.
Wall Street closed flat on Tuesday. The Dow Jones industrial average rose 9.79 points, or 0.05%, to 18,129.96, the S&P 500 gained 0.64 points, or 0.03%, to 2,139.76 and the Nasdaq Composite added 6.33 points, or 0.12%, to 5,241.35.
Market participants are awaiting the US Federal Reserve's Open Market Committee meeting scheduled on September 20-21, with Janet Yellen holding a news conference on Wednesday. Oil prices were up in early Asian trade with US crude oil futures up 2% to USD 44.85 per barrel.
In the cabinet meeting today, the goverment to consider the finance ministry's proposals to reform the entire budgetary process, including advancing the date of budget presentation, merging the Railway budget with general budget and dropping the plan and non-plan distinction.
Moody's Investors Service today said the reforms undertaken by the government will help boost investor confidence and bolster growth potential, but cautioned muted private investment and banking sector risks will remain a constraint on India's sovereign rating.
The initial public offering (IPO) of ICICI Prudential Life Insurance Co. Ltd, excluding the anchor book, was subscribed 51.96% on Tuesday, the second of the three-day offering.