Sterling fell slightly against the dollar and remained stable against the euro on Wednesday as traders awaited remarks from Bank of England governor Andrew Bailey who could affect expectations about the central bank's rate reduction trajectory. Sterling was down 0.14% to $1.2967, just above the previous day's intraday low of $1.2945, the lowest since August 19. This weakness was largely the result of a stronger dollar, as traders repositioned themselves to a more moderate pace of rate cuts by the Federal Reserve than they had anticipated a few months ago, and taking into account The possibility that the Former President Donald Trump won the American elections in November.

The Indian rupee is expected to remain near its all-time low on Wednesday after US Treasury yields hit a three-month high in the wake of the presidential election, helping the dollar extend its rally. The 1-month undeliverable futures contract indicated that the rupee would open at 84.0750-84.0850 per US dollar, up from 84.0775 in the previous session and the all-time low of 84.0825 reached on Tuesday. The rise in the dollar and American yields, as well as the fall in Indian equities in a context of outflows of foreign capital, have recently weighed on the rupee