Mumbai, Nov 24 || The Indian rupee opened stronger on Monday, rising by 26 paise against the US dollar, as currency experts said the improvement may be due to support from the Reserve Bank of India (RBI).
The rupee opened at 89.1450 against the US dollar, compared to the previous close of 89.4088.
Experts said that 88.80 has now become a strong support level from a technical perspective.
They added that if the rupee closes below this level on a daily basis, it could signal further strength for the currency.
On November 21, the rupee had slipped to a record low of 89.49 against the dollar. The fall was driven by foreign investor outflows from Indian equities, uncertainty around a possible US-India trade deal, and a lack of visible intervention from the RBI at that time.