Reuters Market Eye - The rupee is near two-week high in early trade. The pair is at 54.10/12, after touching an intraday low of 54.0550. It closed at 54.1750/1850 on Tuesday.
Dealers say flows-related selling by foreign banks pulls down the pair in early trade.
A large petrochemical company also sold in early trade, traders said.
Sensex is down 0.42 percent in early morning trade.
Share sales inflows will be watched with National Aluminium Co likely to fetch $260 million for the government later this week.
(Rpeorting by Subhadip Sircar)