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Indian rupee was trading almost flat against the US dollar on Wednesday ahead of the US Fed meeting outcome. Investors are expecting big hike in interest rates by the US Federal Reserve to fight inflation. Moreover, muted domestic equities, elevated crude oil prices and persistent foreign capital outflows kept rupee sentiments weak. Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 4,502.25 crore on Tuesday, exchange data showed. Meanwhile, slight pullback in the American currency overseas supported the local unit.

The partially convertible currency is currently trading almost flat at its previous close of 78.04 on Tuesday. The currency touched a high and low of 78.0625 and 77.99 respectively.