The rupee on Tuesday recovered by 7 paise after touching a record low of 77.79 against the US dollar, PTI reported.

After opening at 77.67, the rupee plunged further to 77.79 due to an increase in crude oil prices.

However, a strong rally in the domestic share market helped the rupee to recover and close at 77.48, a net gain of seven paise over its last close of 77.55 on Friday.

The 30-share BSE Sensex finished trading at 54,318.47, an increase by 1,344.63 points or 2.54% from the previous close mark. The broader 50-share NSE Nifty closed at 16,259.30, an increase by 417 points or 2.63%.

Market Analyst Praveen Singh said tensions due to the Ukraine war may impact the rupee in the coming days.

“The Indian rupee depreciated on Tuesday on a surge in crude oil prices and disappointing macroeconomic data,” Singh said, according to PTI. “However, soft tone in the US Dollar and risk-on sentiments in global markets have cushioned the downside.”

Singh further added that the rupee may further trade in the range of 76.80-78.30 in the next couple of sessions

“However, overall shaky risk sentiments and concerns over global economic recovery may cap the sharp upside,” he said. “Tensions due to the Ukraine war may also weigh on the Rupee.”