The rupee today recovered from 15-month lows to close five paise higher at 67.08 against the US currency on suspected RBI intervention and stray dollar demand.
Suspected intervention by the Reserve Bank coupled with dollar selling by foreign banks predominantly helped the rupee to stay afloat, a forex dealer commented.
The local unit witnessed wide swings between a high of 66.98 and a low of 67.27 -- fresh 15-month low -- in day trade.
The local unit finally settled at 67.08, showing a gain of 5 paise, or 0.07 per cent. The currency had closed at a 15-month low of 67.13 against the US currency yesterday.
Crude oil prices retreated from 3-1/2 year highs as investors waited on an announcement by President Donald Trump on whether the United States will reimpose sanctions on Iran.
Brent crude, an international benchmark, was trading at USD 75.50 a barrel in early Asian trade.
In its first retreat in a week, West Texas Intermediate crude dropped 1.3 per cent to $69.80 a barrel, the first retreat in a week