The Indian rupee experienced a significant rebound against the US dollar on Thursday, closing at 96.20 per dollar after ten consecutive days of decline. This recovery was primarily attributed to heavy interventions by the Reserve Bank of India (RBI), which reportedly sold between $4-5 billion to stabilize the currency. Traders noted that state-run banks were actively involved in dollar sales, which helped the rupee recover from a low of 96.75 earlier in the day. Additionally, speculation regarding potential interest rate hikes by the RBI contributed to the rupee's strength, making it the top-performing currency in Asia for the day. Despite this positive movement, concerns remain due to rising oil prices, with Brent crude futures climbing to $106.4 a barrel, and ongoing foreign portfolio investment (FPI) outflows. Analysts predict that the rupee may continue to face depreciation pressure but expect moderation in volatility as the market adjusts to potential monetary policy changes.