The Indian currency registered sharp gains for the second straight day on Thursday.
The local currency opened at 81.07, appreciating 35 paise against Wednesday's close of 81.42.
Intraday, the rupee gained as much as 0.54% or 43 paise to 80.99. This is the first time since Nov. 14 that the rupee traded below 81.
It pared some gains but still ended the day higher, at 81.22.
"U.S. dollar slipped yesterday on rise in risk appetite in the global markets and decline in U.S. treasury yields. Yields fell after Fed Chair Powell signalled that central bank could scale back the pace of rate hikes as soon as next meeting," ICICI Securities said in a research note. "Additionally, mixed batch of economic data from the U.S. added downside pressure."
The rupee had hit a record low of 83.29 on Oct. 20.
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