Rupee has biggest one-day gain in two years, up 63 paise to 86.82 against the dollar
New Delhi| The rupee closed 63 paise higher at 86.82 (provisional) per dollar, backed by a dollar selloff from banks. This is the biggest single-day rise in almost two years.
The sharp rise on Tuesday came a day after it approached the 88 level, according to forex traders. This is the result of a highly volatile money market amid concerns of a worldwide tariff war. The home unit previously posted its biggest single-day gain on March 3, 2023, when it rose 63 paise from the previous session.
On Monday, the rupee had fallen by 45 paise in the first half to close to $88. But it jumped dramatically in the second half, closing at 87.45. Possibly dollar sales by banks on behalf of RBI helped the rupee recover from its all-time low.
