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Rupee starts week on strong note, up 23 paise at 64.08

Rupee marked the third day of advance on Monday.

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Marking the third day of advance, the rupee started the week on a strong note by rallying 23 paise to 64.08 against the US dollar in early session on Monday, fuelled by positive economic data.

Retail inflation fell sharply to 2.99% in April from 3.90% in March while inflation based on the wholesale price index slipped to a four-month low of 3.85%. However, industrial output growth slipped to 2.7% in March, based on the new series with the revised base year of 2011-12.

A higher opening in domestic stocks and continuous foreign capital inflows kept the rupee on a firm ground, dealers said. But the dollar's strength against some currencies overseas halted the rupee's march. On Friday, the rupee had strengthened by 7 paise to end at 64.31 on sustained selling of the American currency by banks and exporters.

Meanwhile, the benchmark Sensex surged 165.90 points, or 0.55%, to 30,354.05 in early trade. 

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