Rupee gets macro data lift, up 23 paise at 64.08

Mumbai, May 15 (PTI) 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 today, fuelled by positive economic data.

Retail inflation fell sharply to 2.99 per cent in April from 3.90 per cent in March while inflation based on the wholesale price index slipped to a four-month low of 3.85 per cent.

However, industrial output growth slipped to 2.7 per cent 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 per cent, to 30,354.05 in early trade.