The Indian rupee strengthened significantly on Wednesday, closing at 89.87 against the US dollar, marking a one-week high. This appreciation is attributed to possible intervention by the Reserve Bank of India (RBI) selling dollars and a fall in global crude oil prices. Despite foreign institutional investor outflows and muted domestic equity markets, the rupee's upward movement was supported by RBI actions to curb speculative positions and prevent one-sided currency movements. Early Thursday saw a slight dip to 89.90 due to rising crude oil prices and continued FII outflows.