The Indian rupee drifted higher against the U.S. dollar in late morning trading on Thursday, as regional shares rose and data showed that India's wholesale price inflation accelerated more than forecast in June.

Preliminary figures from the Ministry of Commerce and Industry showed that India's wholesale price inflation accelerated at a faster-than-expected pace in June.

The wholesale price index rose 1.62 percent year-over-year in June, faster than the 0.79 percent stable of rate of increase in May.

The benchmark BSE Sensex was up 85.44 points or 0.31 percent at 27,901 while the broader Nifty index was up 0.32 points or 27.55 percent at 8,548.

The rupee that ended yesterday's trading at 66.94 against the greenback climbed to near a 5-week high of 66.88. On the upside, 64.00 is likely seen as the next resistance level for the rupee.

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