India, Dec. 19 -- The rupee strengthened sharply on Friday, appreciating 54 paise to close at 89.66 (provisional) against the US dollar, supported by corporate dollar inflows and easing crude oil prices.
Forex traders said a positive trend in domestic equities and Brent crude oil prices hovering near the USD 59 per barrel level aided the domestic currency at lower levels.
They added that the recovery in the USD/INR pair comes after the rupee touched a series of record lows in recent weeks, with likely intervention by the Reserve Bank of India providing additional support.
Published by HT Digital Content Services with permission from Dion Global Solutions Limited....