Mumbai: The Indian rupee was trading little changed against the US dollar ahead of the outcome of US Federal Reserve’s policy meeting due later on Wednesday. At 9.11am, the rupee was trading at 72.73 to a dollar, down 0.03% from its Tuesday’s close of 72.70. The home currency opened at 72.72 per dollar.

Traders are cautious ahead of Federal Reserve’s policy meeting outcome on Wednesday that will likely see interest rates increased for the third time this year, with markets increasingly pricing for another one in December.

The 10-year gilt yield stood at 8.12%, below its previous close of 8.126%. Bond yields and prices move in opposite directions

Benchmark Sensex Index rose 0.51% to 187.84 points. Year to date, it gained 8%.

So far this year, the rupee has declined 12%, while foreign investors have sold $1.26 billion and $6.78 billion in the equity and debt markets, respectively.

Asian currencies were trading lower. Indonesian rupiah was down 0.15%, Thai baht 0.15%, Malaysian ringgit 0.1%, Hong Kong dollar 0.06%, China renminbi 0.04%. However, South Korean won was up 0.25%, Philippines peso 0.22%, Singapore yen 0.07%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.149, up 0.02% from its previous close of 94.133.

Bloomberg contributed to this story

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