New Delhi, Dec 22 || The Indian rupee rose for the second consecutive session on Monday from new lows amid continuous intervention by the Reserve Bank of India (RBI).
The currency opened 24 paise higher at 89.41 against the US dollar after closing at 89.65 on December 19.
Analysts noted that volatility remains the main focus amidst rupee's comeback and follow‑through in RBI actions and global dollar moves remains crucial in near future.
Currency market watchers said 89.20 has emerged as a crucial level and a sustained break below this could open the door toward the 88.50–88.30 zone in the near term.
The rupee’s rise could have gained support from the lower trade deficit in November and foreign portfolio investors turning buyers of Indian equity and sellers of dollars.
On Friday, the rupee had appreciated 0.67 per cent in a single day, rose past the psychologically important 90-mark against the US dollar before closing lower but emerged as the best‑performing currency among Asian peers.