The Indian rupee bounced back sharply by 75 paise to close at 88.06 (provisional) against the US dollar on Wednesday, posting its biggest intraday gain in nearly four months, due to a surge in the domestic markets. Indian shares rose notably on Wednesday after Federal Reserve Chair Jerome Powell signaled two more quarter-point interest-rate cuts this year, citing a sharp slowdown in hiring. Investor sentiment was also underpinned by a weaker dollar in international markets and falling oil prices amid fears of an impending supply glut and trade tensions between the U.S. and China. As Sino-U.S. trade tensions rise, media reports suggested that the United States appears ready to fast-track a bilateral trade deal with India to diversify supply chains away from China. The benchmark BSE Sensex jumped 575 points, or 0.70 percent, to 82,605.43, snapping a two-day losing streak following mostly positive cues from global markets. The broader NSE Nifty index closed up 178 points, or 0.71 percent, at 25,323.55, while the BSE mid-cap and small-cap indexes rallied 1.1 percent and 0.8 percent, respectively. Moreover, a weak US Dollar and an overnight decline in crude oil prices also supported the rupee.