Rupee rebounds from lowest level to settle 45 paise higher at 91.60 against US dollar

Mumbai: The rupee rebounded from its lowest level and settled with a gain of 45 paise at 91.60 (provisional) against US dollar on Thursday on the back of a buying trend in domestic equity markets and reports of Reserve Bank intervention.

According to forex analysts, the Reserve Bank seems to have intervened to help the local currency from extreme volatility due to uncertainties on the ongoing war involving the US, Israel and Iran.

However, a firm dollar, rising crude oil prices and intense withdrawal of foreign funds kept the rupee under pressure, they said.

At the interbank foreign exchange, the rupee opened at 92.16 and touched an intraday high of 91.30 against the greenback. The currency ended the session at 91.60 (provisional) against the dollar, registering a gain of 45 paise from the previous closing level.

The Indian currency slumped 56 paise to close at its all-time low of 92.05 against US dollar on Wednesday, after logging a steep loss of 41 paise on Monday.