Mumbai: The rupee appreciated by another 26 paise to 70.44 against the US dollar in opening trade Wednesday after retail inflation fell to a 19-month low of 2.05 per cent in January. The weakness in the dollar against some currencies overseas as investors shifted their focus to riskier asset amid the US-China trade truce hopes, also supported the rupee’s upmove. Also Read - Viral Video: Sonam Wangchuk Urges Indians to Boycott Chinese Goods, Inspiration Behind '3 Idiots' Says 'Use Wallet Power'
Besides, retail inflation falling to a 19-month low of 2.05 per cent in January over the previous month, and selling of the American currency by exporters supported the rupee, forex dealers said. Also Read - TikTok's Rival Mitron App is Not Indian But Pakistani? Real Owner Refutes Claims of it Being Developed by IIT Student
Industrial output growth remained subdued at 2.4 per cent in December 2018 on account of contraction in the mining segment and poor show by the manufacturing sector. Also Read - India to be Renamed 'Bharat'? Twitter Uses Harpic as Eyedrop to Undo Watching News, Asks Supreme Court to Sort Priorities Amid COVID-19 And Migrant Crisis
The rupee had gained 48 paise to end at a one-month high of 70.70 against the US dollar on Tuesday, registering its sixth straight session of gain.
In the last six trading sessions, the rupee has gained 110 paise. The benchmark BSE Sensex rose 184.68 points, or 0.51 per cent, to trade at 36,338.30.