The dollar edged lower on Wednesday, erasing some of the previous day's gains, but safe-haven currencies remained largely well supported even as markets began to stabilize as oil prices recovered from another slump.

The US Dollar Currency Index, which measures the greenback's strength against six other major currencies, was 0.13% lower at 100.33. The index hit a two-week high of 100.48 on Tuesday.

On Wednesday, most currencies traded in relatively narrow ranges against a backdrop of steadying stock markets.

"It's been a pretty quiet morning overall," said Thomas Anderson, managing director at moneycorp North America.

The dollar was about flat against the Japanese yen.

A rebound in oil prices after the recent sharp drops helped ease the strain on commodity-linked currencies. The dollar was 0.41% lower against its Canadian counterpart.

The Norwegian crown remained weak on Wednesday, hitting a fresh near four-week low against the greenback.

The euro was range-bound before an EU meeting tomorrow to discuss financial aid in the euro zone. It was last down 0.3% against the dollar.

The Australian dollar was up 0.49% after a record surge in retail sales last month, spurred by panic buying.