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Indian Rupee Advances To 5-day High Versus U.S. Dollar

The Indian rupee strengthened against the U.S. dollar in the morning session on Wednesday, as regional shares rose, tracking gains in global equities on hopes of a Covid-19 vaccine and expectations of another stimulus package in the U.S.

Investors also await the outcome of the Reserve Bank of India's three-day policy review due on Thursday for directional cues.

The benchmark S&P BSE Sensex jumped nearly 114 points, or 0.30 percent, to 37,802, while the broader NSE Nifty index was up 37.25 points, or 0.34 percent, at 11,133.

The Indian rupee hit a 5-day high of 74.69 against the greenback, from yesterday's closing value of 74.90. The rupee is likely to find resistance around the 72.00 level.

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