The Indian rupee bounced off from its previous low against the U.S. dollar in evening deals on Tuesday, as investor confidence lifted up on hopes that the fall in international crude prices would narrow the nation’s current account deficit.
With India importing about 80 percent of its oil requirements, the decline in crude prices would aid the government to reduce its current account deficit and attract more investors to the country.
The rupee was trading at 63.905 per greenback, off its early multi-week low of 64.28. The pair finished yesterday’s deals at 64.2390.
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