New Delhi, April 2 -- The Indian rupee staged a sharp recovery on Thursday after the Reserve Bank of India (RBI) rolled out a fresh set of forex restrictions aimed at curbing speculation, but market participants believe that the relief may be temporary amid persistent external pressures.

After a volatile session on Monday, the rupee opened sharply higher at 93.25 against the US dollar on Thursday. The local unit touched a high of 92.82, before closing at 93.1050, the highest percentage gain in a single day since September 2013, fuelled by targeted interventions by the central bank to tame speculation and volatility. On Friday, the rupee had hit an all-time low of 94.8325.

This appreciation of nearly 2% followed the central bank's 1 Apri...