The Indian rupee on Wednesday bounced back by 47 paise to close at 50.04/05 against the dollar, in the midst of firm equity markets and a weak US currency overseas.
Fresh capital outflows amid dollar selling by foreign banks also helped the rupee recovery.
At the Interbank Foreign Exchange (Forex) market, the local currency resumed higher at 50.26/28 a dollar and moved up further to settle the day at 50.04/05, a rise of 0.93 per cent over its previous close of 50.51/52 per dollar.
It moved in a range of 50.04 and 50.30. In the last two sessions, the rupee had dropped by 71 paise or 1.43 per cent.
A sharp recovery in the Indian equity markets mainly helped the rupee rise.
The dollar's weakness against its major rivals also boosted rupee sentiment, a forex dealer said, adding that foreign banks were seen selling dollars on expectations of further fall in the American currency.
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