The Indian rupee appreciated against the U.S. dollar in late morning deals on Wednesday, as oil prices fell following an industry data showing an unexpected increase in U.S. crude inventories last week.

Data from the American Petroleum Institute showed that U.S. crude inventories rose by 2.156 million barrels for the week ended August 5, defying expectations for a decline of 400,000 barrels.

Investors await U.S. inflation data due later today that could shape the Fed's monetary policy outlook.

The Indian rupee advanced to a 2-day high of 79.42 against the greenback from Tuesday's close of 79.56. On the upside, 74.00 is possibly seen as its next resistance level.

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