Rupee Recovers After Hitting Record Lows But Remains Vulnerable Ahead of Jackson Hole

Rupee fell to near record lows against the dollar due to rising US yields.
Exporters increased hedging as rupee declined, while importers may hedge more if rupee breaches 83.50.
Rupee had biggest single-day gain in over a month due to dollar inflows and easing dollar index.
Rupee expected to remain around 83 ahead of Fed Chair Powell’s speech at Jackson Hole on Friday.
Rupee recovered due to RBI intervention, equity inflows and banks selling dollars.