The Indian rupee opened 31 paise higher at 75.96 per dollar against Monday's close of 76.27. Forex market was closed on Tuesday on account of Ambedkar Jayanti.

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The Indian indices also traded higher on Wednesday as Asian peers consolidated after China moved again to cushion its economy, cutting a key medium-term interest rate to record lows. Warnings of the worst global recession since the 1930s underlined the economic damage already done even as some countries tried to re-open for business.

Oil prices rose on Wednesday as investors looked for bargains after the previous session's slump and on hopes that consuming countries will look to fill their strategic reserves, although oversupply fears and warnings of a deep recession capped gains.

(With inputs from Reuters)