INR vs USD: Forex markets were closed on Thursday on account of 'Ganesh Chaturthi'.
The Indian rupee strengthened by 50 paise to 71.68 against the US dollar in early trade in the forex market on Friday, reported news agency Press Trust of India (PTI).
The rise in Indian currency is due to the government's assurance that all steps would be taken to ensure the domestic currency does not depreciate to unreasonable levels.
According to forex dealers, dollar selling by exporters and banks, the greenback's weakness against other currencies overseas also helped the domestic currency recover.
A higher opening in the equity market and positive macro data released on Wednesday also supported rupee's recovery.