Mumbai: The Indian rupee rose on Wednesday afternoon, after local shares erased losses earlier in the session to trade stronger.
At 2:05pm, the partially convertible rupee was at Rs48.4375/4450 per dollar, off an early high of Rs48.3825, and stronger than Rs48.53/55 at close on Tuesday, when it had fallen during trade to Rs48.90, its lowest since 15 May
Local unit had touched an intraday low of Rs48.5575, tracking a temporary fall in local equities earlier in the day. The main share index extended gains to 1%, after falling as low as 0.8%.
Traders also awaited the Federal Reserve’s rate decision. The US Fed’s two-day policy meeting ends on Wednesday, and it is widely expected to leave interest rates unchanged. The decision is expected at 11:45pm.