The rupee may open slightly weaker on Wednesday, tracking subdued regional peers as investors await the U.S. Federal Reserve's policy decision and equity outflows temper recovery hopes for the unit.

The 1-month non-deliverable forward indicated the rupee will open in the 89.92-89.94 range versus the U.S. dollar, having settled at 89.8750 on Tuesday.

Traders reckon the rupee has entered a near-term phase of range-bound trading after falling to an all-time low of 90.42 last week.

"The possibility of a quick, sharp depreciation seems to have diminished for now, but sensitivity to trade-related headlines is expected to remain," a senior trader at a foreign bank said.

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