Indian markets were closed on Tuesday for a national holiday.

Technicals show INR nearing first major hurdle with 52.18 being the 38.2 percent of 43.85-57.32 rally and subsequently 51.94 marks the 61.8 percent retrace of Feb-June 2012 USD/INR rise.

Euro started trade slightly on the back foot on Wednesday after Spain dented hopes it would soon ask for a bailout, while the Australian dollar threw a fit on prospects of more domestic interest rate cuts following Tuesday's easing.