The Indian rupee erased its early losses versus the U.S. dollar in the evening session on Wednesday, as India's central bank raised its benchmark interest rates for the fifth consecutive meeting and indicated that inflation remained elevated.

The Monetary Policy Committee voted 5-1 to hike its key interest rate, the repo, by 35 basis points to 6.25 percent from 5.90 percent, with immediate effect, Governor Shaktikanta Das said.

The MPC also voted 4-2 to remain focused on withdrawal of accommodation.

RBI maintained its consumer price inflation forecast at 6.7 percent for the current year.

The Indian rupee was trading at 82.41 against the greenback, after falling to nearly a 5-week low of 82.77 in the previous session. The currency may find resistance around the 79.00 level.

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