Rupee was barely changed on Wednesday as investors waited for the stock market to open before taking fresh positions. At 9:25 am the partially convertible rupee was at 42.93/94 per dollar, not much changed from Tuesday's close of 42.96/97 per dollar.

It hit a 13-month low of 43.21 on May 22. Data released late on Tuesday showed foreign funds had sold shares worth $332.6 million the previous day, propelling the net outflow this year to more than $5 billion. Asian stocks slipped to a two-month low early on Wednesday, with oil prices at $131 a barrel keeping fears about inflation and higher borrowing costs at the forefront of investors' minds.

The rupee has fallen more than 8 per cent this year, largely due to the equity outflows. In 2007, it had gained 12.3 per cent on the back of a record $17.4 billion foreign portfolio inflow.