The rupee recovered 15 paise on Thursday to settle at 87.65 against the US dollar, bouncing back slightly from its all-time closing low, helped by softer crude oil prices and suspected intervention by the Reserve Bank of India.After plunging 89 paise on Wednesday—its steepest single-day fall in over three years—market participants said the rupee saw intraday support around the 87.75 level, where the RBI is believed to have stepped in to curb volatility, PTI reported.“Today, the RBI is suspected to have intervened around the 87.75/USD level to control volatility, which led the rupee to appreciate to 87.52/USD. A recovery in the equity market also helped stabilise the rupee at the current level,” said Harsimran Sahni, EVP & Head – Treasury, Anand Rathi Global Finance.The local unit opened at 87.66 per dollar, touched a high of 87.51 and a low of 87.74, before closing at 87.65.Sentiment remained weak after US President Donald Trump announced a 25% tariff on Indian imports and a penalty on purchases of Russian oil. Traders noted that the lack of clarity over whether the 25% duty would be in addition to the existing 10% baseline tariff has triggered risk-off moves in forex markets.“The tariff announcement has heightened concerns regarding further rupee depreciation,” said Amit Pabari, MD of CR Forex Advisors. “A meaningful reversal can only be expected if the USD/INR pair breaks below the 87.20 level, which currently acts as a key support.”The dollar index edged up 0.03% to 99.84, while Brent crude prices slipped 0.67% to $72.75 per barrel, easing pressure on India’s import bill.Meanwhile, the RBI’s liquidity operations, including a Rs 2 lakh crore VRRR (variable rate reverse repo) auction, also reflected the central bank’s efforts to absorb surplus liquidity and maintain stability in short-term interest rates.Domestic equities, however, extended losses. The Sensex fell 296 points to close at 81,185.58, while the Nifty dropped 86.70 points to settle at 24,768.35. Foreign institutional investors net sold equities worth Rs 5,588.91 crore, as per exchange data.Adding to the global headwinds, the US Federal Reserve held interest rates steady and signalled it was too early to consider cuts, further boosting the dollar’s strength.