Re Makes 63 Paise Rebound To 86.82/$
Local unit makes highest 1-day gain in last 2 yrs, is expected to trade with negative bias
Re Makes 63 Paise Rebound To 86.82/$
Mumbai: The rupee on Tuesday rallied 63 paise, recording its steepest single-day recovery in nearly two years, to settle at 86.82 against the US dollar, backed by dollar selling by banks.
According to forex traders, Tuesday’s sharp gain a day after sliding closer to the 88 level shows a highly volatile currency market amid concerns over the worldwide tariff war.
At the interbank foreign exchange, the rupee opened at 87.45 against the greenback and touched the intraday high of 86.61 during the session. The unit settled at 86.82 against the dollar, registering a gain of 63paise from its previous close.
The domestic unit had earlier recorded its steepest single-day gain on March 3, 2023, when it surged 63paise from the preceding session.
On Monday, the rupee plunged 45paise to near 88 per US dollar levels in the first half but staged a dramatic rebound in the second half to end with gains at 87.45. Dollar selling by banks possibly on behalf of the RBI helped the rupee recover from all-time lows.
