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The Indian rupee saw a significant rebound, marking its largest single-day gain in almost six weeks. This was due to the retreat of the US dollar from recent highs and dollar inflows into India. Meanwhile, Pakistan's rupee hit a new low due to the country's worsening external finances. The Pakistani rupee is the worst performing currency in Asia this year.
At the interbank foreign exchange, the domestic unit opened at 82.36 against the dollar, then climbed to 82.31, registering a rise of 9 paise over its previous close.
The fall of Rupee: Indian currency Rupee (INR) loses 16 paise to all-time low of 82.33 against USD in early trade on Friday. A firm American currency and risk-averse sentiment among investors hurt the INR.
At the interbank foreign exchange, the domestic unit opened at 81.45 against the dollar, then touched 81.30, registering a gain of 37 paise over its previous close.
Forex traders said escalation of geopolitical risk in Ukraine and rate hikes by the US Fed and Bank of England in a bid to contain inflation sapped risk appetite.