10.12.201906:39:00UTC+00Indian Rupee Advances To Near 5-week High Versus U.S. Dollar

The Indian rupee drifted higher against the U.S. dollar in morning deals on Tuesday, on the back of lower oil prices.

India's Chief Economic Advisor KV Subramanian said that the current slowdown in the Indian economy is more cyclical than structural in nature and the government has a well-thought-out agenda for reforms.

The country's potential growth remains unaltered and things will improve soon, he noted.

The Indian rupee rose to 70.82 against the greenback, its strongest since November 8. The rupee is likely to face resistance around the 68.00 region, if it rallies again.