Rupee Stabilizes Slightly Ahead of Fed Rate Decision

The Indian rupee has opened at 95.89 against the US dollar on Wednesday (September 16), strengthening by 7 paise from Tuesday's close of 95.96.

Despite this slight gain, the currency remains near the 96-per-dollar mark as markets await the US Federal Reserve's interest-rate decision later in the day.

The rupee has weakened for seven consecutive sessions, losing around 1.5% during the period, putting it under pressure from elevated crude oil prices and a stronger US dollar.

Higher crude prices can increase India's import bill and raise demand for dollars from oil importers, further pressuring the rupee.