Reversing direction, the Indian rupee rose against the U.S. dollar in afternoon deals on Wednesday, as the country's wholesale price inflation slowed sharply at a faster-than-expected pace in December.
India's wholesale prices were up 6.16 percent in December from the previous year, down from November's 7.52 percent increase, the Ministry of Commerce and Industry said. The December figure was the lowest since July and was also below the expected rate of 6.99 percent.
The rupee advanced 0.5 percent to 61.425 against the greenback, reversing from an early 2-day low of 61.71. The next possible upside target for the rupee is seen around the 60.00 zone. At yesterday's close, the pair was worth 61.47.
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