The Indian rupee firmed against the U.S. dollar in morning deals on Tuesday, as regional shares rose on falling oil prices and investors shifted their focus to the Reserve Bank of India's three-day monetary policy review meeting, that begins today.

The benchmark S&P BSE Sensex soared 763 points, or 1.91 percent, to 40,635, while the broader NSE Nifty index was up 223 points, or 1.90 percent, at 11,930.

The rupee strengthened to 71.07 against the greenback for the first time since January 23. The pair had ended yesterday's deals at 71.32. The rupee is seen locating resistance around the 69.00 level.

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