The Indian rupee traded higher against the U.S. dollar in evening deals on Wednesday, as regional stocks rose amid strong global cues and on the Cabinet approval for a long-awaited pay hike for government employees.
The Cabinet approved the implementation of recommendations of Seventh Pay Commission to raise salaries and pensions for government employees, a move which would benefit over 1 crore government employees and pensioners.
The rupee advanced to a 5-day high of 67.60 against the greenback, compared to Tuesday’s closing value of 67.74. On the upside, the rupee may locate resistance around the 66.00 mark.
The material has been provided by InstaForex Company – www.instaforex.com