MUMBAI - The rupee recovered sharply from record low levels on Wednesday after NewsRise reported that the government was in talks with the central bank for a special dollar swap window with some state-run fuel retailers.
The partially convertible rupee briefly traded stronger on the day at 72.90 per dollar against its previous close of 72.91 after the news report. It had touched a life low of 73.42 earlier in the session.
By 0532 GMT, the rupee was trading at 73.05/06 per dollar.
Traders said high global crude oil prices and weaker domestic shares will continue to keep the downward pressure on the Indian currency.