The rupee moved 47 paise higher against the dollar to hit 73.10 on Wednesday. Despite Wednesday’s gains, the rupee is down more than 14 per cent against the dollar so far this year.
That marked the highest level recorded for the rupee against the greenback since October 3.
Gains in the rupee came a day after crude oil prices registered their biggest single-session fall in three months. Selling of the greenback by exporters amid sharp losses in crude oil prices supported the rupee, say analysts. Advances in the domestic equity markets also supported the currency. The rupee had closed nearly unchanged at 73.57 against the US currency on Tuesday.