On Wednesday, the rupee opened 21 paise higher against $75.97. This tracks positive domestic equity market and a fragile American currency globally.
“For the day, we expect the rupee (Spot) to quote in the range of 75.70 and 76.20,” brokerage firm Motilal Oswal Financial Services (NSE 0.53 %) said.
In the last few sessions, volatility for the rupee has been confined to a range of 75.70 and 76.80.
Apart from the Fed policy outcome, market participants will also be keeping an eye on Q1 advance GDP number which will also be important to watch and a weaker-than-expected number could keep the greenback weighed down against its major crosses.
Yesterday, the dollar came under pressure after the consumer confidence number released from the US came in weaker-than-expected. Data showed the index fell to 86.9 as compared to expectation of 118.8.