NEW DELHI (dpa-AFX) - The Indian rupee traded higher against the U.S. dollar in afternoon deals on Tuesday, as the latter weakened across the board after Fed comments backing a gradual pace of rate hike this year.
On Monday, Chicago Federal Reserve president Charles Evans backed two more interest rate hikes this year, reinforcing recent comments from Fed Chair Janet Yellen that further rate increases would only be 'gradual.'
The rupee climbed to a 5-day high of 65.20 against the greenback, compared to yesterday's closing value of 65.25. The next possible resistance for the rupee is seen around the 64.00 region.
Copyright RTT News/dpa-AFX