USD/INR closed at 71.11 against its opening at 71.36. USD/INR ended little changed Wednesday as investors remained on sidelines ahead of Federal Open Market Committee outcome due later today.Ahead of Fed's decision we didn't see much activity in the market.
The greenback recovered against its major peers as safe haven bids increased due to uncertainty over Brexit battered sentiments. Dollar index, which weighs greenback against a basket of six major currencies, traded at 95.80 Wednesday compared to 95.75 at close of Indian market on Tuesday.
The British Parliament rejected the proposal of the Prime Minister Theresa May to delay the exit if no new deal with the EU emerged by February 26.Investors now await the Federal Open Market Committee policy meet outcome, where policymakers are expected to signal a pause to their tightening cycle.
Crude oil prices surged after the US imposed sanctions on state-owned Venezuelan oil company PDVSA, a move aiming to reduce the OPEC member's crude exports and relieve some global supply glut.Brent futures for March delivery traded 0.05% down at $61.27 a barrel on Wednesday.
Meanwhile, the US and China will meet in the White House for the highest-level talks since US President Donald Trump and Chinese President Xi Jinping agreed a 90-day truce in their trade war in December.
Sensex provisionally ends 42 points lower with 16 components in the red.