The Indian rupee fell against the U.S. dollar in evening deals on Wednesday, as oil prices rose and caution prevailed ahead of the Federal Reserve's interest rate decision due out later today.

The Fed is expected to raise interest rates by 75 basis points for the second straight month when it concludes its two-day meeting at 2 pm ET.

Oil prices advanced following an industry data showing a larger-than-expected drawdown in U.S. crude stockpiles last week.

The Indian rupee neared the key 80-mark against the greenback, touching a 5-day low of 79.92. The rupee is likely to locate downside target around the 80.2 level.

US Dollar vs INR (FX:USDINR)
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