The US Dollar Indian Rupee (USD/INR) exchange rate is trading -0.08% lower at 73.54, after gaining 0.3% in the previous session.
India’s trade balance recorded a deficit of $6.8 billion in August. Exports declined -12.7% year on year whilst imports advanced, with gold and oil imports showing a strong rise.
Rising oil prices are keeping a cap on Rupee gains. Oil trades +5% over the past two day.
The US Dollar is under pressure and trading cautiously ahead of the Federal Reserve monetary policy announcement at 18:00 UTC. The Fed is widely expected to keep rates on hold. The Fed’s economic projections will be closely monitored.