MUMBAI (Reuters) - The rupee opened marginally stronger but soon gave up gains to trade largely flat on day as traders preferred to stay light ahead of the outcome of the U.S. Federal Reserve's two-day policy meeting.
Whether and by how much the Fed chooses to withdraw its monetary stimulus will be crucial for emerging markets particularly India which have benefited from the Fed's loose monetary policy.
The decision will be a key determinant of what the Reserve Bank of India does on Friday.
The partially convertible rupee trading at 63.41/42 per dollar at 9:06 a.m. (0336 GMT), compared with its close of 63.37/38 on Tuesday.
(Reporting by Swati Bhat; Editing by Anand Basu)
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