INR Vs USD: The rupee is down more than 13% against the US dollar so far this year The rupee rose sharply against the US dollar to close at 72.37 on Tuesday, breaking its two-day fall.
That marked the biggest single-day recovery in the rupee since March 14, 2017.
The upmove in the rupee came on a day the government proposed a hike in effective import duty on some steel products, as part of its plan to cut "non-necessary" imports to defend the rupee.
Heavy selling of dollars by banks and exports along with weakness in the greenback in global markets supported the rupee, news agency Press Trust of India reported.
Despite the sharp rise on Wednesday, the rupee is still down more than 13 per cent so far this year, cementing its position as the worst-performing currency in Asia.