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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.