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MUMBAI: The rupee rebounded on Wed, recovering from its all-time low in the previous session to log its best single-day gain in over seven months. It closed at Rs 86.36 against the
US dollar
, gaining 27 paise from Rs 86.63. This marked its strongest percentage rise since Jun 3, 2024.
The rupee’s recovery was supported by a dip in the dollar index, which fell to 109 before weakening further to 108.8 later in the day. The US Dec CPI, which rose 0.4%, higher than anticipated, also influenced the movement. Foreign banks sold dollars after TOI reported that there was no change in RBI‘s stance with regard to the rupee.
The domestic currency found some breathing space on Wed, supported by positive cues from equity markets and a pullback in
crude oil prices
on news reports of a possible end to the conflict in the Middle East. The sensex rose 224 points to close at 76,724, while the Nifty gained 37 points to end at 23,213.
Dealers said the rupee traded in a range of Rs 86.25-86.55 during the day. The dollar index’s retreat from a record high and soft US 10-year treasury yields added to the rupee’s momentum, but persistent FII outflows capped sharp gains. On Tuesday, FIIs offloaded equities worth Rs 8,132 crore. Meanwhile, to ease liquidity, RBI said it will hold the variable repo rate auction, through which it lends to banks, daily.
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