Mumbai, June 24 -- The Indian rupee recovered from record low level and closed with a steep gain of 75 paise at 86.03 (provisional) against the US dollar as global crude oil prices went down following hopes of deescalation in Middle East tensions. Brent crude, the global oil benchmark, plummeted 3.6 per cent under USD 69 per barrel in futures trade as US President Donald Trump announced that Iran and Israel agreed to a ceasefire. A weak greenback and positive sentiments in the domestic equity markets further boosted the local unit.

The dollar index fell to a one-week low as risk sentiment improved after President Trump's announced that a ceasefire has been agreed upon between Iran and Israel, reducing appeal for the safe haven currency. ...