The rupee was trading with marginal gains against the dollar at 12.30 pm. The rupee had fallen below the 64 level mark in morning trade, but was currently trading at 63.79 against the dollar with gains of 5 paise over Tuesday close.
The rupee may now be able stable at the current levels dealers say, after rallying almost 2 per cent on Tuesday.
Much would however depend on what the Fed decides to do in its Open Market Committee meet scheduled for Sept 18 and Sept 19.
Should the Fed decide to taper its asset purchase programme, it may lead to a mild reaction in the Indian rupee, which has gained almost 400 paise, since hitting an all time low of Rs 68.81 against the dollar a few days back.
Meanwhile, stocks markets were trading marginally lower after rallying almost 3.8% on Tuesday. Check currency rates here