The Indian rupee settled just 1 paisa lower at 74.44 (provisional) against the US dollar on Wednesday amid a muted trend in the domestic equity market. At the interbank forex market, the local unit opened at 74.43 against the greenback and witnessed an intra-day high of 74.37 and a low of 74.48.

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It finally ended at 74.44 against the American currency, registering a fall of just 1 paisa over its previous close. On Tuesday, the rupee had settled at 74.43 against the US dollar.

"Indian rupee settled flat on the back of the lacklustre movement, taking cues from other Asian currencies. Spot USD/INR is expected to trade in the range of 74.10 to 74.60," said Dilip Parmar, Research Analyst, HDFC Securities.

On the overseas front, the softness seen in the Euro has helped to lift the greenback towards the 4-month highs printed in late July, heads for fourth straight gains against a basket of peers, Parmar added. Looking ahead, the eagerly-anticipated US CPI report highlights Wednesday's calendar, which is otherwise quiet, he further noted.

On the domestic equity market front, the BSE Sensex ended 28.73 points or 0.05 percent lower at 54,525.93, while the broader NSE Nifty inched 2.15 points or 0.01 percent higher at 16,282.25.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.11 percent to 93.16. Brent crude futures, the global oil benchmark, rose 0.30 percent to USD 70.84 per barrel.

Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 178.51 crore, as per exchange data.