With probable RBI backing, the rupee opens 26 paise higher at 89.15/USD.

At today's opening, the Indian rupee gained 26 paise, a move that currency analysts attributed to likely Reserve Bank of India assistance. Compared to the previous closing of 89.4088 against the US dollar, the local currency opened at 89.1450. Technically speaking, 88.80 has now developed into a solid support level. A persistent daily closure below this threshold would indicate a return to rupee strength, according to CR Forex Advisors managing director Amit Pabari. The rupee fell to a record low of 89.49 against the US dollar on November 21 as a result of withdrawals from Indian stocks by foreign investors, uncertainty around a trade agreement between the US and India, and the lack of assistance from the RBI. "After a significant overnight sell-off in cryptocurrencies and AI-related technology firms, global risk-off sentiment has permeated currency markets. Emerging-market currencies, such as the Indian Rupee, are being negatively impacted by the abrupt unwinding of risk trades, according to Anindya Banerjee, Head of Research – Currency, Commodity and Interest Rate Derivatives at Kotak Securities. The Indian rupee's rise at the opening suggests increased market confidence, largely driven by the likelihood of RBI intervention to manage excessive volatility. After hitting a record low recently, the currency has been struggling due to foreign investor withdrawals and concerns around India-US trade negotiations. Analysts note that the RBI’s subtle presence in the market through state-owned banks has provided much-needed support. Alongside this, a slight weakening of the US dollar and easing Treasury yields have helped Asian currencies recover, contributing to today’s stronger rupee opening. However, global risk sentiment remains fragile. A sharp sell-off in cryptocurrencies and technology stocks has pushed investors toward safer assets, which continues to impact emerging-market currencies like the rupee. Foreign fund outflows from Indian equities also remain a pressure point for the currency. Looking ahead, experts believe rupee stability will depend heavily on progress in trade talks with the US and continued RBI measures. Any positive development in these areas could help sustain gains, but uncertainty in global markets may still lead to short-term fluctuations.