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The Indian rupee rallied 63 paise, recording its steepest single-day recovery in nearly two years, to settle at 86.82 (provisional) against the US dollar, backed by dollar selling by banks. At the interbank foreign exchange, the rupee opened at 87.45 against the greenback and touched the intraday high of 86.61 during the session. The unit settled at 86.82 (provisional) against the dollar, registering a gain of 63 paise from its previous close. Rupee has depreciated 3.3 per cent against the US dollar between October 2024 and January 2025, but the decline has been lower than some of its Asian currencies, Minister of State for Finance Pankaj Chaudhary informed Parliament on Tuesday. Since the commencement of the last quarter of calendar year 2024, rupee along with other Asian currencies depreciated against the US dollar amid uncertainties surrounding results of US elections, Chaudhary said in a written reply in the Rajya Sabha. US dollar Index rose 7 per cent during October 1, 2024, to January 30, 2025, with all major Asian currencies depreciating against the US dollar, he added.
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