Indian Rupee Hits 5-day High Against U.S. Dollar

The Indian rupee climbed against the U.S. dollar in afternoon deals on Wednesday, as regional shares rose following U.S. Treasury Secretary nominee Janet Yellen’s comments favoring aggressive fiscal spending to prop up the economy.

A weaker dollar further aided a rise in the currency.

The benchmark S&P BSE Sensex climbed 449.65 points, or 0.91 percent, to 49,848, while the broader NSE Nifty index was up 141.65 points, or 0.98 percent, at 14,663.

The rupee appreciated to a 5-day high of 73.07 against the greenback from yesterday’s close of 73.22. The rupee is likely to test resistance around the 72.00 level.

The material has been provided by InstaForex Company – www.instaforex.com

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