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The Indian rupee which appreciated by 39 paise to 73.86 against the US dollar in early trade on Tuesday pared gains in the mid-session.
Forex traders said investor sentiments recovered after the Reserve Bank on Monday hinted at a rate cut at the next Monetary Policy Committee (MPC) meet on April 3 and announced more liquidity enhancing measures.
The RBI announced another round of USD 2 billion dollar-rupee swaps on March 23 and up to ₹1 lakh crore of long-term repo operations as and when required.
At the interbank foreign exchange, the rupee opened at 74.16, then gained further ground and touched a high of 73.86 against the US dollar. At 4 pm, the domestic currency was quoted at 74.23 against the dollar.
On Monday, the rupee had settled at 74.25 against the greenback.
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