New Delhi: After a continuous decline for two weeks, the Indian rupee finally witnessed a slight recovery against the US dollar on Thursday (May 21), according to reports.
On Wednesday, the rupee had fallen to a record low of 96.86 against the dollar, hitting its weakest level ever. Economic experts had attributed the sharp decline to rising global crude oil prices and geopolitical tensions in West Asia.
However, a fall in international crude oil prices and intervention by the Reserve Bank of India (RBI) have contributed to the rupee’s recovery against the US dollar.
On Thursday, the exchange rate stood at Rs 96.30 per US dollar, marking a recovery of 56 paise. Meanwhile, the Mumbai stock market benchmark index Sensex rose by 58.11 points to reach 75,373.42. The NSE Nifty also crossed the 23,700 mark.
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