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The rupee weakly opened at 73.74 and then fell to 73.82, due to regular capital outflows and deep losses on stock markets due to growing geopolitical concerns.
However, the decline in the price of crude oil, which fell 1.93% to 78.29 USD per barrel, helped dispel worries and help stop the decline in the currency local, said a trader.
The increase in dollar sales of banks on behalf of the Reserve Bank allowed the rupee to recover losses.
"The Rupee has reduced its losses and stagnated, while crude oil prices have fallen and state-owned lenders have sold for one dollar on behalf of RBI," said VK Sharma , head of the PCG Group & Capital Markets, said HDFC Securities.
Bond markets also halted their decline, as weaker US yields strengthened sentiment. The yield on the 10-year benchmark bonds dropped by 4 basis points, the highest since October 16, to 7.89%, as investors reduced their exposure to riskier badets.
The rupee is established at 73.57 for a dollar, which shows a loss of only 1 point compared to the previous closing. On Monday, the rupiah had fallen by 24 pips to 73.56 against the US dollar.
Stock markets fell for the fourth consecutive day, reflecting the gloomy trend in global markets due to geopolitical tensions and new concerns over the trade war.
The BSE Senbad, composed of 30 shares, closed down 287.15 points, or 0.84%, against 33,847.23.
Foreign investors have subscribed more than 850 billion rupees on the financial markets since Friday, in a context of increasing geopolitical tensions.
The India Private Ltd financial reference index (FBIL) set the reference rate of the rupee / dollar at 73.7818 and the rupee / euro at 84.4743. The reference rate for the rupee / pound was set at 95.5568 and for the rupee / 100 Japanese yen at 65.62.
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