The Sensex at the Bombay Stock Exchange fell 71 points, or 0.4 per cent, to 16,396 in opening trade, on Wednesday, on sustained selling by investors, amid fears of another interest rate hike by the central bank. But the Sensex later staged a strong recovery, on renewed buying interest, to stand a good 161 points, or 1 percent in positive territory, at 16,629, in afternoon trade, a short while ago. The 30-share Sensex had lost nearly 800 points in the past three trading sessions. But other Asian stocks reversed initial gains, after Moody's Investors Service cut the long-term debt ratings of two French banks. So the key stock indices in Japan, Indonesia, South Korea, Taiwan Hong Kong and Singapore were down by between 0.5 percent and 3 percent, on Wednesday.And at the inter-bank foreign exchange, the rupee tumbled to a nearly two-year low of 48.01 rupees per dollar in early trade, today, from yesterday's close of 47.60 per dollar, on persistent dollar demand from banks and importers, amid a firming of the dollar in the overseas markets. Later, after recovering somewhat, the rupee stood at 47.86 per dollar.