Rupee recovers from record lows, jumps 24 paise against $

Staging an impressive rebound from its lifetime low levels, the rupee surged by 24 paise to end at 83.08 (provisional) against the US dollar on Wednesday, aided by losses in global crude prices and a weak dollar ahead of the US Federal Reserve's policy decision.

Besides, possible intervention by the central bank to check volatility in currency markets also helped the domestic unit, forex traders said.

Halting its four-session losing streak at the interbank foreign exchange, the domestic unit opened strong at 83.22 against the dollar and traded in the range of 83.27-83.06 against the greenback.

The rupee finally closed at 83.08 against the dollar, registering a gain of 24 paise from its previous close.

In the previous session on Monday, the rupee had settled at an all-time low of 83.32 against the dollar. Currency markets were closed on Tuesday on account of Ganesh Chaturthi.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.14 per cent to 104.68.

Brent crude futures, the global oil benchmark, declined 1.19 per cent to USD 93.19 per barrel.