Rupee hits day’s low against US dollar, recovers on RBI support

The Indian rupee hit a day low against the US dollar before recovering on RBI intervention, with state-run banks spotted selling dollars in both spot and non-deliverable forwards markets before the local market opened. Foreign investor inflows aided the late recovery. Heavy dollar demand from oil companies and importers, along with elevated crude prices, had initially pressured the currency, though Brent crude retreated about 4 percent to around $96 per barrel after briefly topping $100.