Rupee rises 50 paise to 89.16 against dollar

Mumbai: The rupee rebounded sharply by 50 paise to settle at 89.16 against the greenback on Monday, due to US dollar selling by banks and importers amid a dip in global crude oil prices.

At the interbank foreign exchange, the rupee opened strong at 89.46 and moved in the range of 89.05 and 89.50 during the day.

It eventually settled at 89.16, up 50 paise from its previous close.

In the steepest fall in over three years, the rupee had plunged 98 paise to close at its lifetime low of 89.66 against the US dollar on Friday, due to a huge demand for the greenback in the domestic forex market amid widespread selling pressure in local and global equities and trade-related uncertainties.

The previous biggest one-day fall was recorded at 99 paise against the dollar on February 24, 2022.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was marginally down by 0.02 per cent at 100.15.

India’s forex reserves jumped $5.543 billion to $692.576 billion during the week ended November 14 due to a steep increase in the value of gold reserves, the RBI said on Friday.