Rupee surges 61 paise to close at 94.57 against US dollar

Wed, 06 May 2026

19:03

The rupee appreciated 61 paise to close at 94.57 (provisional) against the US dollar on Wednesday, as Brent crude prices retreated from elevated levels towards $100 per barrel after US President Donald Trump hinted at a possible deal with Iran.

Forex traders said that with the Indian rupee facing severe pressure, the Reserve Bank of India (RBI) is also actively pursuing a "non-direct" strategy to support the currency.

Moreover, market sentiment was boosted after Trump paused "Project Freedom," a US operation to escort ships through the Strait of Hormuz.

At the interbank foreign exchange market, the rupee opened at 95 against the US dollar, then lost ground and touched an intraday low of 95.18.

The rupee finally settled at 94.57 (provisional), registering a rise of 61 paise over its previous close.

On Tuesday, the rupee settled at 95.18 against the US dollar, after witnessing an all-time intraday low of 95.44, on possible RBI intervention after investors retreated from riskier assets amid renewed clashes in the Gulf and targeting of UAE infrastructure, which reignited supply chain fears. -- PTI

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