The rupee crashed on Tuesday morning amid state election results and the shock exit of Reserve Bank of India governor Urjit Patel but later recovered some ground on government support. The rupee opened weak at 72.42, tumbling to a four-week low of 72.44, down 110 paise in the morning trade. However, the currency made a smart recovery, as state-owned banks sold dollars and it ended the session at 71.87, down 53 paise.
Patel had resigned after market hours on Monday evening. Bonds too fell sharply earlier in the day as Patel's abrupt exit shocked investors.