The rupee opened at 85.94 against the US dollar on Monday, gaining 4 paise from its previous close of 85.97.
On Friday, the local currency had surged by 39 paise to end at 85.97, marking a strong recovery. It opened higher at 86.22 and touched an intraday high of 85.93, driven by aggressive dollar sales by foreign players on behalf of their clients.
The rupee appreciated from Thursday’s closing level of 86.997, gaining 1.2 per cent for the week—its best performance in over two years. Earlier this year, the currency had hit a record low of 87.95 per dollar on February 10. However, it has strengthened by 2.3 per cent since then, aided by RBI’s interventions, including USD/INR buy-sell swaps worth 15 billion dollars to boost dollar liquidity.