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On Tuesday the currency strenghthened despite weakness in the stock markets and the currency is showing signs of strength.
A series of measures unveiled by the RBI including currency swaps has helped the currency, which fell dramatically to the 68 levels in Sept.
The next big trigger for the markets would be the Fed QE3 tapering news. There are indications that the Federal Reserve would look at the possibility of tapering sometime in December.
However, the rupee is now better equipped to handle fears of QE3 tapering. Read what is QE3 here