The Indian rupee drifted higher against the U.S. dollar in afternoon deals on Wednesday, as regional shares rallied, tracking positive cues from Asia and European markets.
Data on Tuesday showing widening U.S. trade deficit in August supported views that the Federal Reserve would delay a rate hike to next year.
The rupee strengthened to 64.98 against the greenback, its strongest since August 14, and held steady thereafter. The next possible resistance for the rupee may be located around the 64.00 zone. The pair closed Tuesday’s trading at 65.13.
The material has been provided by InstaForex Company – www.instaforex.com