Rupee sees sharp swings, closes at 85.26/dollar

Mumbai: The Indian rupee witnessed sharp swings Tuesday and appreciated to 84.95/$ during the session before closing at 85.26/$1, as the possibility of rising tensions between India and Pakistan remained at the forefront for traders.

The rupee had weakened to 85.38 during the day, and had closed at 85.03/$1 the previous day, LSEG data showed.

This was the second consecutive day the rupee appreciated past the 85 levels, but could not sustain there due to likely intervention by the Reserve Bank of India. RBI also likely intervened around the weaker 85.38/$1 levels by selling dollars, traders said.