On Tuesday, the rupee skidded by 46 paise to settle at 72.97 after scaling an all-time low of 72.99 (intra-day) against the US dollar due to surging crude oil prices and escalating trade war worries.That marked a new all-time closing low registered by the rupee against the greenback.

Asian stocks rose across the board and long-term US Treasury yields hovered near four-month highs on Wednesday with investors looking past the latest escalation in the US-China trade feud, seen by some market participants as less severe than expected.

Oil prices on Wednesday pulled back from gains racked up the previous day, pushed down amid a surprise climb in U.S. crude stockpiles.

Market regulator Sebi or Securities and Exchange Board of India on Tuesday announced revised KYC (Know Your Customer) norms for foreign investors, reduction in the listing time after a public offer to three days, and lower charges levied by mutual funds from investors. Overseas entities have been permitted to trade in commodity derivatives subject to certain conditions. This would deepen the commodities market.

According to a Reuters report, the rupee had fallen more than 12 per cent against the dollar this year and it is the worst performing Asian currency year-to-date.

The government late last week announced a raft of measures to stabilise the falling local currency. However, the latest steps of government were particularly underwhelming for market participants.

Markets clearly do not seem to be appreciating the measures brought about by the government. A more aggressive intervention by the central bank or a stronger set of measures by the government would be required to deter speculators, forex advisory firm IFA Global said in a note.

Investors have increased bets that Reserve Bank of India (RBI) will need to raise interest rates at least two more times this year to shore up the battered rupee.

Meanwhile, the domestic stock indices opened on a positive note on Wednesday. At 11:29 am, the S&P BSE Sensex advanced 113.30 points or 0.30 per cent to trade at 37,403.70. The broader Nifty50 was trading at 11,311.10, up 32.20 points or 0.29 per cent.