The Indian rupee lost ground against the U.S. dollar in early deals on Tuesday, as the later got a lift ahead of Federal Reserve's two-day monetary meeting beginning today.
Traders took a cautious approach as Financial Times reported that the Fed will signal plans to taper its bond-buying program following the conclusion of its two-day policy meeting on Wednesday.
The rupee declined to a 5-day low of 58.4350 per dollar, staying closer to an all-time low of 58.9855 reached last week. The greenback-rupee pair was worth 58.1105 at yesterday's close.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.