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The Indian rupee dropped against the U.S. dollar in the evening session on Wednesday, as traders looked forward to the U.S. Federal Reserve’s monetary policy decision for more clues on timing of the QE tapering and interest rate outlook.

The Fed decision is due later in the day and analysts widely expect that the central bank is likely to take a step closer to the tapering of the QE program.

The Indian rupee fell to 73.93 against the greenback, its lowest level since August 27. At yesterday’s close, the pair was worth 73.71. The rupee may find support around the 76 level.


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