Surprise! Rupee strengthens again today, rises to 71.68 against US dollar in opening trade

The Indian rupee strengthened by 50 paise to 71.68 against the dollar in early trade in the forex market today. The momentum is in the wake of the government's assurance that all steps would be taken to ensure that the domestic currency does not depreciate to unreasonable levels. 
 
Earlier on Wednesday, the domestic unit ended the session on a positive note at 72.19 per US dollar, from its record low of 72.91 it touched during the day’s trade. The rupee had ended at 72.69 on Tuesday. The forex market was closed yesterday on account of Ganesh Chaturthi.
 
Dollar selling by exporters and banks, the greenback's weakness against other currencies overseas, helped the domestic currency recover, forex dealers told PTI, adding that a higher opening in the equity market and positive macro data released on Wednesday also supported this recovery.
 
According to the Central Statistics Office data, industrial production grew at 6.6 per cent in July and retail inflation cooled to a 10-month low of 3.69 per cent in August.
 
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Meanwhile, the BSE benchmark Sensex reclaimed the 38,000-mark to 38,036.81 by climbing 318.85 points, or 0.85 per cent, in opening trade today, while the Nifty is higher by 110.20 points or 0.97% at 11480.10.