India, May 22 -- The rupee rebounded 49 paise from its all-time closing low to settle at 96.37 against the US dollar on Thursday after crude oil prices retreated from elevated levels amid signs of easing geopolitical friction, alongside likely central bank intervention. Forex traders said the rupee had gained after the recent geopolitical developments, but investors are still gauging the geopolitical risk and oil price sensitivity in the background.

The one-year forward market rate for the rupee touched the crucial 100/USD mark on Wednesday, indicating that currency markets are pricing in a weakening bias for the USD/INR pair over the next 12 months, forex traders said.

At the interbank foreign exchange market, the rupee opened at 96.25...