Rupee rebounds 128 paise from all-time low to 93.57 against US dollar in early trade

p>Mumbai: The rupee recovered 128 paise from its all-time low to 93. 57 against the US dollar in early trade on Monday, after the Reserve Bank brought down the net open position that banks can keep overnight at USD 100 million.

Forex traders said the rupee opened stronger as banks who generally have long positions, may have to cut their positions taken in onshore currency markets as per the RBI Director.

Through its circular dated March 27, 2026, RBI capped the Net Open Position (NOP-INR) for banks at USD 100 million, with compliance required by April 10. At the interbank foreign exchange, the rupee opened at 93. 62 and then gained further ground to 93.

57 against the US dollar, registering a gain of 128 paise from its previous close.. Sensex tumbles 1,191. 24 points; Nifty slumps 349. 45 points in early trade. On Friday, the rupee slumped by a massive 89 paise to close at a historic low of 94.

85 against the US dollar. "As banks begin adjusting their positions, they are likely to sell dollars in the market, which can temporarily support the rupee.

This creates a phase of relief, driven by position unwinding, not by a major shift in fundamentals, but still meaningful in the near term," CR Forex Advisors MD Amit Pabari said.

However, the USD/INR pair is facing pressure from the elevated dollar index and crude oil prices. Safe-haven demand is keeping the dollar index firm above the 100 mark, limiting any meaningful recovery in the rupee, forex traders said.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0. 06 per cent lower at 100. 09. Brent crude, the global oil benchmark, was trading at USD 115 per barrel, up 2. 16 per cent, in futures trade.