As the market turns to the Fed on Monday, the dollar is falling. As a result of this decline, the Indian rupee is at its highest level in over a week.

The dollar fell against the euro, with the market turning its attention to the meeting of the US Federal Reserve (Fed), which is expected to raise rates at its meeting on Tuesday and Wednesday. Around 11:15am, the dollar fell by 0.30% to 1.0243 dollars per euro, with the single currency regaining the ground lost against the greenback on Friday.

Following the dollar's overall losses, but weaker local shares and losses in other Asian peers, the Indian rupee strengthened to its highest level. The partially convertible rupee traded at 79.70/71 to the dollar at 0932 GMT, its highest since July 14 and highest compared to its close of 79.8550 on Friday. The dollar index, a measure of the greenback's performance against major currencies, was down 0.4%.