Indian rupee is expected to open little changed at 68.72-68.77 against the U.S. currency amid the dollar index’s gains and greenback sales by exporters.
The dollar index edged higher on Tuesday, heading for the eighth day of advance. The gauge is trading at its highest in two months ahead of the Federal Reserve policy review. The two-day Fed meeting gets underway later in the day and the decision is due Wednesday, after Indian markets close.
Meanwhile, expectations surrounding the Fed outcome have stabilized. Fed fund futures indicate an about 75% chance of a 25-basis-points rate cut and a 25% likelihood of a 50-basis-points rate cut.
The Chinese yuan was up 0.1% at 6.8876 after falling to over three-week lows yesterday. The U.S.-China trade talks are beginning in Shanghai on Tuesday, the first face-to-face meeting following the temporary trade truce at G20 last month.
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