India's benchmark BSE index is flat as the rupee fails to gain after the central bank asked state-run oil companies to purchase dollars from a single bank - a measure that is seen providing only near-term support.
Caution also prevails ahead of Infosys Ltd's April-June earnings on Friday, which typically kicks off the blue chip reporting season. Infosys is up 0.8 percent.
IndusInd Bank Ltd shares gain 1.3 percent ahead of its results later in the day.
Trading is subdued after data showed Chinese exports fell for the first time since January 2012.
Sun Pharmaceutical Industries Ltd falls 0.5 percent on profit-taking after it marked its highest close at 1079.70 rupees on Tuesday.