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Forex News: Indian Rupee Advances To Nearly 2-week High Against

Indian Rupee Advances To Nearly 2-week High Against U.S. Dollar

10/20/2021 - 06:16:00 (RTTNews)

(RTTNews) - The Indian rupee rose against the U.S. dollar in evening deals on Wednesday, amid falling oil prices on the back of an increase in U.S. crude inventories last week.

Data from the American Petroleum Institute showed that the U.S. crude inventories increased by 3.294 million barrels for the week ended October 15, up from expectations for a rise of 2.23 million barrels.

A slight fall in yields on shorter-dated U.S. government bonds also supported the currency.

The Indian rupee appreciated to nearly a 2-week high of 74.84 against the greenback. The rupee is seen finding resistance around the 72.00 mark.

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