The rupee finished last week 1.2% lower at 82.27 per dollar, tumbling swiftly from trading in the 81-handle initially. Considering that, the rupee is still expected to be "stuck" in a range, they added. Meanwhile, India's benchmark government bond yield ended last week at 7.2982%, with the 8 bps gain its biggest weekly rise since late-September. Yields are expected to move in a narrow range of 7.26%-7.36%, with high chances of the upper end being tested, said a fixed income trader. After the Fed meeting, traders will also watch out for the central bank's dot plot to see where terminal rates could go.

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