New Delhi, Oct. 15 -- The Indian rupee jumped sharply against the US dollar on Wednesday, recovering from its all-time closing low, led by easing dollar index on increased bets of US Federal Reserve rate cuts. Reports of RBI intervention and decline in crude oil prices also boosted the local unit to a near one-month high.

At the interbank foreign exchange market, the rupee opened at 88.74 against the US dollar, then gained momentum and touched 87.93 for the first time since mid September, registering a gain of 88 paise from its previous close. It was last at 88.3250, up 0.5% against the American currency.

On Tuesday, the rupee depreciated 13 paise to close at an all-time low of 88.81 against the greenback.

The dollar index, which gauge...