India, Oct. 15 -- The Indian rupee recovered sharply by 88 paise from its all-time closing low to 87.93 against the US dollar in early trade on Wednesday, supported by a weaker dollar index and reports of RBI intervention in the forex market.
According to forex traders, the domestic currency also drew strength from the decline in crude oil prices and positive global cues after the US Federal Reserve signaled more rate cuts later this year.
At the interbank foreign exchange market, the rupee opened at 88.74 per dollar, later gaining momentum to touch 87.93, marking a strong rebound from its previous close.
Published by HT Digital Content Services with permission from Dion Global Solutions Limited....