The Indian rupee strengthened against the U.S. dollar in afternoon deals on Wednesday.
Meanwhile, the benchmark BSE Sensex is currently up 41.28 points or 0.49 percent at 8,475. While, the broader CNX Nifty index is also up 34.50 points or 0.41 percent at 8,397.
Against the greenback, the rupee rose to a 2-day high of 61.4550 from an early low of 61.5870. At yesterday’s close, the rupee was trading at 61.5550 against the greenback.
If the rupee extends its uptrend, it is likely to find resistance around the 61.16 area.
Traders await the nation’s inflation data for October and industrial production data for September due later in the day for clues on when the Reserve Bank of India (RBI) will cut interest rates.
The material has been provided by InstaForex Company – www.instaforex.com