The rupee breathed a sigh of relief early on Wednesday and recovered a touch against the rampant dollar a day after crashing to its all-time weak close.
The rupee is just a hop, skip and jump away from 80 per dollar, underscoring a dramatic collapse this year in a journey which includes a breach of several key psychological levels, something none expected even in their wildest predictions at the start of 2022.
India's foreign exchange reserves fell to their lowest in over a year, dropping nearly $6 billion to about $591 billion in the week ending June 17, data showed.
The rupee tumbled on Friday to a new all-time low of 77.93 against the dollar with expectations of aggressive tightening from the US Federal Reserve after data showed inflation jumped to a more than four-decade high.