The rupee recovered 49 paise from its record closing low to settle at 96.37 against the US dollar on Thursday, supported by easing crude oil prices and signs of reduced geopolitical tensions.

Forex traders said likely intervention by the central bank also helped support the domestic currency after recent pressure caused by global uncertainty and rising oil prices.

Market participants noted that while the rupee witnessed a recovery following recent geopolitical developments, investors continue to closely monitor global risks and crude oil price movements.

Meanwhile, the one-year forward market rate for the rupee crossed the key 100 per dollar mark on Wednesday, signalling expectations of continued weakness in the USD/INR pair over the next year, according to forex traders.