Rupee Logs Best 1-Day Gain in Over 2 Years

The local currency, though, posts its worst week in almost 27 months

- ANJALI KUMARI

The rupee witnessed its highest single-day gain in more than two years, since March 2023, appreciating 0.75 per cent amid a weakening dollar and a fall in crude oil prices, said dealers.

The Indian currency settled at 86.05 per dollar on Friday, against 86.70 on Thursday. Last week, it had ended at 85.23.

However, the local currency posted its worst week in almost 27 months, since December 2022, amid global trade war tensions. The rupee regained some ground against the dollar in the last two sessions as the dollar lost sheen on growth concerns in the world's largest economy.

While the US has hit pause on its "reciprocal" tariffs for most countries—China being the exception—that hasn't helped the greenback.