The Indian rupee experienced its largest one-day gain in nearly a month and a half on Tuesday, as the US dollar eased from recent highs amid a rebound in global risk appetite. The rupee closed at 82.9350 per US dollar, 0.2% stronger than its previous close of 83.1075. According to Anil Bhansali, head treasury at Finrex Treasury Advisors, the presence of the central bank and inflows from initial public offerings provided support to the rupee after a two-week decline. Several companies, including Pyramid Technoplast, Aeroflex Industries, and Vishnu Prakash R Punglia, are expected to raise funds through initial public offerings in the next two weeks. The weakening of the dollar index also contributed to the rupee’s appreciation above the 83 mark. Traders believe that the central bank is unlikely to let the rupee fall towards its record low of 83.29, and therefore, expect the currency to remain around the 83-level in the near term. The market is now focusing on the Jackson Hole conference, where Federal Reserve Chair Jerome Powell’s speech will be closely watched for insights into the future path of interest rates. India’s central bank has also played a role in preventing significant depreciation of the rupee despite high dollar-buying pressure from oil companies.