After opening at 63.45 per US dollar, the Indian rupee rebounded to 63.13 a dollar by 2 p. m. today, September 18.

As the US Federal Reserve is widely expected to announce the start of its massive monetary stimulus or asset purchase program, at one point, the domestic currency strengthened to 63.05 per dollar.

The dollar index, which is used to gauge the dollar's strength against major global currencies, slipped 0.02 per cent to 81.1240; while Bombay Stock Exchange's benchmark Sensex gained 0.26 per cent, or 50.80 points, to 19,854.83 points.

Anindya Banerjee, an analyst with Kotal securities, said, "Indian rupee along with most asset classes are on a wait-and-see mode with US FOMC (Federal Open Market Committee) meeting slated for tonight."

Banerjee added that the domestic currency could come under pressure if the US Federal Reserve cuts its stimulus program by $10-15 billion.

India Ratings and global ratings agency Fitch's Indian arm Research Pvt. Ltd have predicted that the rupee would recover to 59-61 a dollar by the end of current financial year.