Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee depreciated against the dollar on Wednesday, in line with mostly weaker regional peers ahead of the Federal Reserve's policy announcement tonight.
The Rupee ended at 78.07/dollar compared with 77.99 close on Tuesday.
Asian equities and currencies were mixed while India's key BSE Sensex share index fell about 0.3%.
However, lack any major triggers kept the Rupee in a small trading band of 11-paisa on Wednesday.
NDF is currently trading at 78.13/17 this Wednesday afternoon vs. a close at 78.11 on Tuesday.
The U.S. Dollar Index is trading lower on Wednesday afternoon in Asian trade as traders brace for Fed.
Rest of the session range for the Dollar Index is $104.60-105.40.
The Euro rebound in the Wednesday's afternoon session in Asia after the European Central Bank's governing council said it would hold an unscheduled meeting on Wednesday to discuss the recent sell-off in government bond markets.
The Sterling and the Yen are trading with gains against the greenback this Wednesday afternoon session.