Mumbai, April 2: The rupee logged one of its steepest single-day gains in many years and settled 152 paise higher at 93.18 against the US dollar on Thursday after the Reserve Bank stepped in with a slew of measures to restrict banks from onshore forward markets.
The domestic unit, however, remained under pressure due to the unabated withdrawal of foreign capital, a strengthening dollar, and rising crude oil prices amid a volatile geopolitical situation, forex analysts said.
At the interbank foreign exchange, the rupee opened at 94.62 and registered a sharp single-day surge of 188 paise to touch an intra-day high of 92.82 against the greenback. At the end of the session, the rupee was quoted at 93.18 against the dollar, higher by 152 paise, or 1.6 per cent, from its previous closing level.
The local currency breached the 95-level on Monday before closing at 94.70 versus the greenback. It had settled at a historic low of 94.84 against the dollar on Friday, prompting the RBI to intervene with multiple measures.
The forex markets were closed on Tuesday due to a holiday on Shri Mahavir Jayanti and on Wednesday due to the annual account closure of banks.
According to Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, the rupee recovered after extreme weakness, largely driven by improved risk sentiment after US President Donald Trump hinted at negotiations rather than escalation.
“The recovery appears more of a technical pullback after sharp depreciation rather than a trend reversal. Near-term support for rupee is seen near 92.50 and resistance at 93.50,” Trivedi said.
Through its circular dated March 27, 2026, the RBI capped the net open position on the Indian rupee for banks at USD 100 million, mandating compliance by April 10.
Equity and forex markets will remain closed on Friday due to Good Friday. (PTI)
