The rupee recovered from all-time low level and appreciated 33 paise to close at 83.28 (provisional) against the US dollar on Tuesday on decline in the US dollar and positive Asian currencies.
Forex traders said weak domestic markets and surge in crude oil prices capped sharp gains for the local unit.
At the interbank foreign exchange market, the local unit opened at 83.33 against the greenback. The unit hit an intra-day high of 83.26 and a low of 83.37.
The local unit finally settled at 83.28 (provisional) against the dollar, higher by 33 paise from its previous close.
On Friday, the rupee depreciated 48 paise to settle at an all-time low of 83.61 against the American currency.
Forex and equity markets were closed on Monday on account of Holi. Market analysts said, for the domestic unit, record forex reserves provide a cushion, enabling the Reserve Bank to mitigate the rupee’s downside.
