Rupee Appreciates Against U.S. Dollar Ahead Of RBI's Repo Rate Decision

The Indian rupee recovered from its record low against the U.S. dollar to open higher, but pared most of its gains during the afternoon session on Thursday.

The currency opened at 81.59, gaining 0.42% over Wednesday's close of 81.94. It strengthened as much as 0.44% to 81.58 during the day, before shedding most gains to end 0.11% higher at 81.84.

The Reserve Bank of India is scheduled to release its latest monetary policy statement at 10:00 a.m. on Friday.

The local currency hit a record low of 81.95 on Wednesday, guided by a strengthening dollar that has impacted emerging market currencies across the globe.