The rupee opened 37 paise stronger at 94.30 against the US dollar in early trade on Thursday, supported by hopes of Reserve Bank of India (RBI) intervention and cooling Brent crude prices, even as most other Asian currencies faced pressure.
The rupee was trading at 94.30 against the dollar after ending the previous session at 94.67. The currency had moved in a broad 50-paise range on June 24, when it almost slipped to the 95-level before recovering.
Earlier, experts had predicted a strengthening of the rupee as crude oil prices dropped nearly 8 per cent in the past week.
The rupee is expected to open in the 94.25-94.30 range, according to traders. It had settled at 94.6650 on Wednesday.
RBI intervention helped support the currency while most of its Asian peers remained under strain. Brent crude fell more than 4 per cent on Wednesday and dropped another 2 per cent in Asian trading to $72.28, amid stranded tankers exiting the Strait of Hormuz following an initial accord to end the US-Israel war against Iran.
The rupee is expected to strengthen further in the coming days due to the stabilisation of oil prices towards pre-war levels.
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