Indian Rupee to Dollar: Domestic currency tumbles ahead of the US Federal Reserve's policy

Indian Rupee to dollar: The rupee reversed early trend, and tumbled against US benchmark dollar index,  in the second half of trading session on Wednesday. The rupee edged marginally higher by 1 paisa to 65.19 against the US dollar in early trade ahead of the Federal Reserve's policy decision today. It needs to be noted that, the domestic unit has been trading at five-month high against the American unit since past two trading sessions. 

At around 1215 hours, Indian Rupee was trading at 65.215 down by 0.030 or 0.05% against US dollar. 

Forex dealers in a PTI report said, Besides, the dollar's weakness against some currencies overseas, fresh selling of the American currency by exporters as well as banks supported the rupee,

They added, A higher opening in the domestic equity market influenced the currency's movement."

In previous day, the domestic unit had slipped by 3 paise to end at 65.20 a dollar due to demand uptick for the greenback. While yesterday, foreign investors made gross purchase of Rs 5839.81 crore, along with sales of Rs 4709.17 crore - witnessing inflow of Rs 1130.64 crore together in equity, debt and hybrid market. 

Meanwhile, the benchmark BSE Sensex rose 247.12 points, or 0.75%, at 33,243.88, while Nifty 50 surged by 69.75 points or 0.69% trading at 10,194.10 at around 1217 hours.