The rupee is lower ahead of the Reserve Bank of India's rate meeting on Wednesday and Fed's decision on tapering of its monetary stimulus. The rupee is trading at 61.91/92 versus 61.73/74 close on Monday; having traded in a 61.75-62.03 range in the session. The USD/INR pair is moving closer to 100-day moving average of 62.54. A 25 basis points rate hike is largely factored in so should not impact the rupee much, said dealers. Dealers also cited outflows related to the unsubscribed portion of the Power Grid share sale. Foreign investors had placed bids worth $2.7 billion for the share sale.

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