Indian Rupee Rises Against U.S. Dollar


The Indian rupee edged up against the U.S. dollar in early deals on Tuesday, as regional stocks joined Asian rally on easing concerns of Fed tapering bond purchase program.

Sentiment lifted as unexpected drop in U.S. existing home sales in June boosted speculation the Federal Reserve will remain accommodative by holding rates at its September policy meeting.

The rupee advanced to 59.535 against the greenback, up from Monday's closing value of 59.7255. Further uptrend will see the rupee finding resistance around the 59.00 level.

News are provided by InstaForex.