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Indian rupee opened marginally stronger to the US dollar but soon gave up gains to trade largely flat on day as traders preferred to stay light ahead of the outcome of the US Federal Reserve's two-day policy meeting.
Whether and by how much the US Fed chooses to withdraw its monetary stimulus will be crucial for emerging markets particularly India which have benefited from the Fed's loose monetary policy.
The decision will be a key determinant of what the Raghuram Rajan-led Reserve Bank of India (RBI) does on Friday during its own monetary policy meet.
The partially convertible Indian rupee trading at 63.41/42 per US dollar at 9:06 a.m. (0336 GMT), compared with its close of 63.37/38 on Tuesday.