Mumbai, May 6: The rupee appreciated 69 paise to close at 94.49 against the US dollar on Wednesday, as Brent crude prices retreated from elevated levels towards USD 100 per barrel after US President Donald Trump hinted at a possible ceasefire deal with Iran soon.
Forex traders said that with the Indian rupee facing severe pressure, the Reserve Bank of India (RBI) is also actively pursuing a “non-direct” strategy to support the currency.
At the interbank foreign exchange market, the rupee opened at 95 against the US dollar, then lost ground and touched an intraday low of 95.18.
The rupee also touched the day’s high of 94.38 before ending the session at 94.49 against the greenback, up 69 paise from its previous close.
On Tuesday, the rupee had settled at 95.18 against the US dollar, after witnessing an all-time intraday low of 95.44, on possible RBI intervention after investors retreated from riskier assets amid renewed clashes in the Gulf and targeting of UAE infrastructure, which reignited supply chain fears. (PTI)
