Ella 
The Indian rupee remains relatively calm ahead of the FOMC meeting.
The Reserve Bank of India (RBI) Monetary Policy Committee decided to keep interest rates steady at 6.50 per cent in its December meeting.
Investors will be closely watching U.S. inflation data ahead of the FOMC rate decision.
The Indian rupee (INR) was flat in Monday’s trade, falling slightly as traders preferred to wait on the sidelines ahead of key events in the United States. On Friday, the Reserve Bank of India (RBI) Monetary Policy Committee (MPC) decided to keep interest rates unchanged at 6.50% while raising its economic growth forecast for the current fiscal year to 7% from the previous 6.5%. Das, chairman of the RBI’s monetary policy committee, said easing inflation in various components of retail inflation was one of the reasons for the monetary policy committee’s decision to keep the repo rate unchanged.
RBI Governor Das further pointed out that the risk of food inflation has cast a shadow on the recent situation, which may lead to an increase in the inflation rate in November and December. The possible second-round effects of this should be closely watched.
Investors will keep a close eye on U.S. inflation data, measured by the Consumer Price Index (CPI). Attention will shift to the Federal Open Market Committee (FOMC) meeting on Tuesday and Wednesday. Meanwhile, the Reserve Bank of India is likely to support the Indian rupee at 83.40 as oil companies and others will buy on USD/INR declines.
