The rupee rebounded by 14 paise from its all-time low to 87.66 against the US dollar in early trade on Thursday, likely due to suspected intervention by the Reserve Bank of India (RBI). This comes after a sharp fall triggered by U.S. President Donald Trump’s announcement of 25% tariffs and penalties related to the purchase of Russian crude and arms.
According to forex traders, the rupee, which had plunged 89 paise in its steepest single-day decline in over three years, regained some ground but continues to trade with a negative undertone.
At the interbank foreign exchange, the currency opened at 87.66 and slipped to an early low of 87.74 against the greenback.