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Dollar eased on Wednesday with investors looking past an expected U.S rate hike later in the day for clues on Federal Reserve policy for the rest of the year. Federal Reserve is scheduled to release its decision at 6.00 PM on Wednesday at the conclusion of its two-day policy meeting. Fed Chair Janet Yellen is due to hold a press conference at 6:30 PM. Fed is widely expected to raise its benchmark interest rate this week due to a tightening labour market.

Indian rupee will likely trade range bound against the dollar today, as investors await clues on the Federal Reserve's future policy.Rupee opens at 64.34 and expecting to trade between 64.15 to 64.50 levels. 

Canadian dollar strengthened to 3-1/2-month high against U.S on Tuesday as comments by Bank of Canada Governor Stephen Poloz supported the view the central bank could raise interest rates in near term.

Australian and New Zealand dollar increase couple of week highs on Wednesday, with the market focused on the Federal Reserve interest rate decision.

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