Mumbai: The rupee rebounded from its lowest-ever level and settled 17 paise higher at 86.53 against the US dollar on Tuesday as the American currency retreated from record high.
Some recovery in domestic equity markets after the release of macroeconomic numbers also supported the Indian currency.
At the interbank foreign exchange, the rupee opened at 86.57 and touched the intra-day high of 86.45 before closing for the day at 86.53 against the greenback, registering a gain of 17 paise from its previous close.
On Monday, the rupee logged its steepest single-day fall in nearly two years and ended the session 66 paise down at its historic low of 86.70 against the US dollar. The currency’s previous record one-day fall of 68 paise was witnessed on February 6, 2023.
The local unit has plunged more than Re 1 in the past two weeks from the closing level of 85.52 on December 30. It had breached the 85-per-dollar mark for the first time on December 19, 2024.
The unit had depreciated 18 paise to settle at 86.04 against the US dollar on Friday, a day after registering a marginal gain of 5 paise. In the preceding back-to-back sessions on Tuesday and Wednesday, it had plunged 6 paise and 17 paise, respectively.