The rupee strengthened 26 paise to 95.17 against the US dollar on Monday, recovering from its early losses amid expectations of possible Reserve Bank of India (RBI) intervention in the forex market.
The domestic currency remained under pressure from rising crude oil prices and geopolitical tensions, while growing expectations of a US Federal Reserve rate hike in September pushed Treasury yields higher and supported a broad-based dollar rally.
At the interbank foreign exchange market, the rupee opened at 95.56 and moved in a range of 95.11 to 95.56 during the session. It eventually settled at 95.17 per US dollar, up 26 paise from its previous close.