Dollar/Rupee traded lower Wednesday tracking a dip in the dollar ahead

The Indian rupee little changed at 69.55 pair now at 69.50 against 69.70 previous close.
Pair to tip in 69.50-69.75 range today.
Dollar/rupee traded lower Wednesday tracking a dip in the dollar ahead of the Federal Open market Committee closely-watched policy decision later in the day. Also, easing Oil prices extended gains on Wednesday after rising in the previous session on rekindled hopes for a U.S.-China trade deal. Crude oil prices cooled and dollar eased ahead of the Fed policy on hopes that Fed may hint to possible rate cuts for the coming months. The dollar traded lower against its major counterparts as the Federal Reserve starts its two-day monetary policy meet later today.

The dollar held near a two-week high early on Wednesday ahead of the Federal Reserve's closely-watched policy decision later in the day, supported by a surprisingly dovish European Central Bank and bearish eurozone economic data. Focus was on whether the greenback can retain its strength after the Fed's two-day policy meeting ends later on Wednesday.
The market has mostly priced in a July rate cut and unless there is a big dovish surprise at the FOMC (Federal Open Market Committee) meeting it is hard to imagine the dollar coming under downward pressure.

Oil prices extended gains on Wednesday after rising in the previous session on rekindled hopes for a U.S.-China trade deal and on the potential for conflict between the U.S. and Iran in the Middle East after tanker attacks there last week.
Gold traded almost steady on Wednesday as investors awaited the U.S. Federal Reserve's monetary policy decision later in the day, while expectations of an improvement in trade relationship between the United States and China dented the metal's appeal.

Research