Rupee gains 3ps to 91.62/$
From here, markets may enter a phase of consolidation, with the possibility of a partial recovery if risk sentiment stabilises
Rupee gains 3ps to 91.62/$
Mumbai: The rupee rebounded marginally from its all-time low levels and gained 3paise to close at 91.62 against the US dollar, on suspected RBI intervention and a positive trend in domestic equities.
Forex traders said comments from US President Donald Trump at Davos helped shift sentiment, as he confirmed that a framework for a future Greenland agreement has been reached and that tariffs scheduled for February 1 would not be implemented.
At the interbank foreign exchange, the rupee opened at 91.54 then gained ground to touch an intraday high of 91.48 against the greenback. It touched a low of 91.68 before settling for the day at 91.62, up 3paise from its all-time low levels.
On Wednesday, the rupee plunged 68paise to close at an all-time low of 91.65 against the American currency. Forex traders said the currency remains under severe pressure from heightening global geopolitical uncertainties.
The pending trade agreement with the US remains a key stabilising factor. Until the geopolitical risk eases and the trade deal materialises, the rupee is likely to remain vulnerable to external shocks, they said. “At current levels, a substantial portion of global risk appears to be priced into the rupee.
From here, markets may enter a phase of consolidation, with the possibility of a partial recovery if risk sentiment stabilises,” CR Forex Advisors MD Amit Pabari said in a research note.
The 92.00 level remains a strong resistance zone, while sustained RBI support could gradually pull USD/INR back toward the 90.50–90.70 range in the near term, Pabari added.
