The Indian rupee opened on a positive note on Monday, rising by 13 paise to trade at 92.78 against the US dollar in early deals. The appreciation was supported by a sharp correction in crude oil prices, along with the impact of recent measures by the Reserve Bank of India.
In the interbank forex market, the currency started at 92.73 and briefly strengthened to 92.70 before settling at 92.78, marking an improvement from its previous close.
However, forex traders expect the rupee to remain within a narrow range, as uncertainty persists in West Asia. Concerns continue after Iran’s move to shut the Strait of Hormuz, keeping market sentiment cautious.