Rupee Rebounds as India-US Trade Hopes Soar

The Indian rupee slightly recovered, closing at 88.72 against the US dollar amid a drop in global crude oil prices and a weakening greenback.

Persistent foreign capital outflows and a risk-averse domestic equity market limited the rupee's rise, but hopes for successful India-US trade discussions offered support, forex traders reported.

Earlier, the rupee had reached a record low of 88.76, but interventions by the Reserve Bank of India helped stabilize it, with expectations to remain between 88.50 and 89.00 amid ongoing trade talks.

(With inputs from agencies.)