INR rebounds from all time low amid positive trend in local equities

The Indian rupee rebounded from its lowest level and settled with a gain of 45 paise at 91.60 (provisional) against US dollar on Thursday on the back of a buying trend in domestic equity markets and possible Reserve Bank intervention. Key benchmark indexes staged a sharp rebound after falling nearly 4 percent over the last four sessions. The benchmark BSE Sensex soared nearly 1,200 points, or 1.5 percent, to hit an intraday high of 80,304 before paring gains to end up 899.71 points, or 1.14 percent, at 80,015.90. The broader NSE Nifty index also jumped 1.5 percent to the day's high of 24,854 before closing up 285.40 points, or 1.17 percent, at 24,765.90. The Reserve Bank seems to have intervened to help the local currency from extreme volatility due to uncertainties on the ongoing war involving the US, Israel and Iran. However, a firm dollar, rising crude oil prices and intense withdrawal of foreign funds kept the rupee under pressure.

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