The rupee opened strong at 63.24, but soon gave up gains and was trading marginally lower at 63.43, against the dollar, a drop of 6 paise over Wednesday's close.
Indian forex markets will eagerly wait for a decision by the Federal Reserve in the US regarding its QE3 tapering off programme due later today. Fed Chairman Ben Bernanke is likely to hold a press conference at around 1 am IST.
It's widely anticipated that the Fed would taper its asset purchase programme to the tune of $10 billion. Any amount in excess of this is likely to put pressure on the Indian rupee.
Dealers say that the rupee may trade in a narrow band today and take cues from the Fed meet later today.
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