The Indian rupee declined against the U.S. dollar in the morning session on Tuesday, as investors focused on the Senate runoff elections in Georgia that will determine control of the chamber.

The races are between Republican Sen. David Perdue and Democrat Jon Ossoff, as well as Republican Sen. Kelly Loeffler and Democrat Rev. Raphael Warnock.

The opinion polls show a narrow race and the outcome could have a major impact on incoming U.S. President Joe Biden's economic policies.

The Indian rupee slipped to a 5-day low of 73.16 against the greenback, compared to Monday's close of 73.07. The rupee is seen finding support around the 76.00 level.

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