On Tuesday, the rupee hit an all-time down as it closed at 77.56 to the dollar amid the price of high crude oil. The rupee opened at 77.70 to a dollar and went low day by day to 77.80. Also, a fresh intraday is low after closing at 77.56 to a dollar, down 0.15 per cent from its previous close of 77.45.

Reserve Bank of India (RBI) has intervened, which slowed the pace of depreciation, as per Market participants. Also, the domestic market helped the currency.

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“In early trading hours, it [rupee] was seen testing an all-time-low of 77.78 levels but didn’t sustain there for long as the domestic equity market was seen on a recovery mode and [US dollar index] too corrected sharply below 103.50 mark or fell by 0.70 per cent,” said Amit Pabari, managing director, CR Forex.

He said another reason for the appreciation could be foreign institutional investor inflows into the debt-voluntary retention route (VRR) segment, “where we have observed almost Rs 8,000 crore worth of investments and the exporters’ rush to lock-in the 80+ rate in the long-term forwards”.

“Overall, there is a sense of reversal in short-term risk-off sentiment, and thus a cool-off rally in equity and FX can be seen,” Pabari said.