On stronger Asian currencies, the rupee opens up 3 paise.

Due to support from lowering U.S. Treasury yields and an increase in Asian currencies, the Indian rupee opened 3 paise higher on November 21, according to currency experts. Compared to the previous closing of 88.7075 versus the US dollar, the local currency opened at 88.6787. Sanjay Malhotra, the governor of the Reserve Bank of India, also emphasized the strength of India's foreign exchange reserves and reaffirmed that the central bank does not have a target level for the rupee. Importantly, Malhotra expressed optimism that a favorable trade deal will conclude and emphasized that the current depreciation has been trade-related, mostly because to tariff concerns with the US. "These comforting remarks follow similar upbeat indications from Indian government officials in recent days, as well as encouraging statements from President Donald Trump. According to Amit Pabari, managing director of CR Forex Advisors, "together, they have strengthened the belief that a trade agreement may be nearing, giving the rupee something solid to hold on to, even as global forces pull in the opposite direction." The Indian rupee opened 3 paise higher on November 21, aided by a pullback in U.S. Treasury yields as well as strength in other major Asian currencies. Currency analysts noted that improved global risk sentiment and a softer U.S. dollar helped provide some support to the domestic currency at the start of the trading session. RBI Governor Sanjay Malhotra emphasized that India’s foreign exchange reserves remain strong, which continues to act as a significant buffer against global volatility. He reiterated that the central bank does not focus on a specific target for the rupee and prefers market-driven currency movement. This approach reassures investors that the RBI will intervene only to manage excessive fluctuations. Malhotra also mentioned that the recent pressure on the rupee has largely been due to tariff-related concerns linked to the United States. However, he expressed optimism that trade talks between the two nations are progressing constructively and may deliver a favorable outcome soon. Market experts added that encouraging statements from both Indian officials and U.S. leadership have boosted confidence in the possibility of a trade agreement. As a result, despite external economic challenges, the rupee has found some stability, supported by improving global cues and domestic policy reassurance.