Mumbai: The Indian rupee made a sharp recovery against the US dollar on Wednesday, climbing up from its all-time closing low just a day earlier. It opened at Rs 88.74 and later touched Rs 87.93, its highest level in almost a month. This marks an impressive 88 paise gain from Tuesday’s close of Rs 88.81. By the end of the trading session, the rupee was around Rs 88.32, up 0.5 percent.

Why Did the Rupee Strengthen?

One of the biggest reasons behind the rupee’s comeback is the weakening of the US dollar. The dollar index, which shows the dollar’s strength against six major currencies, dropped by 0.20 percent to 98.85. This happened after US Federal Reserve Chairman Jerome Powell hinted at interest rate cuts later this year. His comments were seen as dovish, meaning the Fed is likely to tak

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