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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