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The Indian rupee logged one of its steepest single-day gains in many years and settled 156 paise higher at 93.14 (provisional) against the US dollar on Thursday after the Reserve Bank stepped in with a slew of measures to restrict banks from onshore forward markets. INR hit a high of 92.82 at one point of time. The dollar index regained momentum above 100 mark on Thursday, after a sharp drop in the previous session. Trump speech has created a sense of uncertainty, driving investors back to safe haven dollar. Meanwhile, domestic markets staged a gap-down opening, with benchmark indexes Sensex and Nifty declining around 2 percent in early trade, as U.S. President Donald Trump's address to the nation on the war in the Middle East damped hopes for a swift resolution to the conflict. The domestic unit, however, remained under pressure due to the unabated withdrawal of foreign capital, a strengthening dollar, and rising crude oil prices amid a volatile geopolitical situation. At the interbank foreign exchange, the rupee opened at 94.62 and registered a sharp single-day surge of 188 paise to touch an intra-day high of 92.82 against the greenback. At the end of the session, the rupee was quoted at 93.14 (provisional) against the dollar, higher by 156 paise, or 1.6 per cent, from its previous closing level.
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