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Rupee strengthens by 50 paise to 71.68

Thu Sep 14 2018



The rupee strengthened by 50 paise to 71.68 against the dollar in early trade at the interbank forex market as the government had on Wednesday assured that all steps would be taken to ensure that the domestic currency does not depreciate to unreasonable levels.


According to forex dealers, dollar selling by exporters and banks and the greenback’s weakness against other currencies overseas helped the domestic currency to recover. They said a strong equity market and positive macro data released on Wednesday also supported the rupee’s recovery.


According to the data released by Central Statistics Office, industrial production grew to 6.6 per cent in July and retail inflation cooled to a 10-month low of 3.69 per cent in August.


On Wednesday, the rupee had rebounded from the historic low of 72.91 and ended higher by 51 paise at 72.18 against the dollar. The forex market was closed Thursday on account of Ganesh Chaturthi.


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 early trade.



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