Experts said the recovery was mainly driven by a drop in crude oil prices. Lower oil prices reduced import cost pressure on India and helped stabilize the currency. Traders also noted better performance in Asian currency markets, which supported the rupee’s movement.

Despite the recovery, analysts remain cautious. They expect continued volatility due to global uncertainty and strong dollar demand. Importers and exporters may still face fluctuations in the coming days.

The Reserve Bank of India is closely tracking currency movements to ensure stability in the forex market.

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Analysts said the rupee rises 14 paise to 87.95 against dollar mainly on the back of strong domestic equities. However, pressure remains from concerns over U.S. tariffs on India and global market uncertainty. Traders also noted the possibility of Reserve Bank of India intervention to curb volatility after the rupee touched record lows last week.

On September 5, the currency had dropped to an intraday low of 88.38 before closing at 88.09. It recorded its lowest closing level of 88.15 on September 2.

Globally, the dollar index eased to 97.40 as U.S. economic data signaled a potential rate cut by the Federal Reserve. Meanwhile, Brent crude traded at $66.37 per barrel, up 0.53%.

In equities, Sensex surged 366.87 points to 81,154.17, while Nifty rose 101.35 points to 24,874.50. Despite the rebound, experts warn that trade tensions and tariff disputes may continue to cap gains for the domestic currency.

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