Indian rupee opened slightly lower on Wednesday

The Indian rupee opened slightly lower on Wednesday, 18 September 2013 remained more or less tied in front of the outcome of the U.S. Federal Reserve's two-day policy meeting later in the day. The domestic currency started down by 6 paise to Rs 63.45 against the U.S. dollar and climbed to a high of 63.16 so far during the day. In the cash market, the Indian unit was last seen trading at 63.20, almost 19 paise or 0.30% compared to previous close at 63.39 compared.

Rupee saw its biggest decline in two weeks on Tuesday as investors preferred to take profits on their Federal Rupee long positions ahead of the U.S. Federal Reserve two-day monetary policy meeting results due to be published on Wednesday. The result of the FBI meeting will be a decisive factor, which the Reserve Bank of India decides to do in its monetary policy review on Friday.

Domestic key benchmark indices hovered in positive terrain in early trade. Asian markets held their breath as investors on Wednesday counted on the Federal Reserve to start only a modest return of the stimulus throughout the day, with all assets vulnerable to any hint of hawkishness from the world’s most powerful central bank.

Meanwhile, the U.S. dollar near a four-week trough against a basket of major currencies in early Asian trade on Wednesday as investors, that every step of the U.S. Federal Reserve to roll back stimulus is very modest bet. The euro trades at U.S. $ 1.3357, near a 2-1/2 week peak and the yen hovers near 99/USD.

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