Mumbai, Dec 18: The rupee appreciated 18 paise against the US dollar to settle at 90.20 on Thursday, despite the broad strength of the American currency in the overseas market on possible intervention by the Reserve Bank of India (RBI).
Forex traders said Brent crude oil prices hovering near USD 59 per barrel supported the domestic unit at lower levels. However, a recovery in the dollar index and weak domestic markets capped sharp gains.
At the interbank foreign exchange, the rupee opened at 90.35 against the US dollar, then recovered some lost ground to touch an intra-day high of 90.04, registering a 34 paise gain from its previous close. At the end of trading session on Thursday, the rupee was quoted at 90.20, registering a gain of 18 paise over its previous close.
On Wednesday, the rupee recovered 55 paise from its all-time low to close at 90.38 against the greenback.
Meanwhile, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal on Thursday said he is not concerned about the rupee at all, arguing that even China and Japan witnessed exchange rate weaknesses during their high growth phases.
Sanyal said since the 90s, the rupee has mostly been allowed to find its own level, but the RBI uses its reserves to intervene in either direction to stop excessive volatility. (PTI)
