The Indian rupee rebounded sharply on Thursday after hitting successive record lows in recent days, supported by strong intervention from the Reserve Bank of India (RBI). The currency ended at 96.20 against the dollar, up 62 paise from the previous close, according to Bloomberg. The move comes at a time when the rupee almost hit 97 on Wednesday. The rupee has been under significant pressure since the onset of the West Asia conflict in late February and has weakened 5.7% during this period. In the calendar year so far, the currency has declined 7%. Pre-Market Dollar Sales Currency traders said the RBI heavily intervened in both the spot and offshore markets to support the rupee, estimating around $4-5 billion. They added that the central bank sold dollars even before trading hours.