The rupee rebounded sharply from record lows, closing 75 paise higher at 86.03 (provisional) against the US dollar on Tuesday, buoyed by a sharp decline in global crude oil prices amid easing geopolitical tensions in the Middle East.

Forex traders said the local currency gained support from a weaker US dollar and positive sentiment in domestic equity markets.

Brent crude, the international oil benchmark, plunged 3.19% to USD 69.20 per barrel in futures trade after US President Donald Trump announced a ceasefire agreement between Iran and Israel, raising hopes of de-escalation in the region.