New Delhi, 09 November (H.S.): The Indian rupee opened the week on a firm note in the domestic foreign exchange market on Monday, strengthening against the US dollar during early trading and also registering gains against several other major international currencies.

After closing at 93.92 against the US dollar in the previous trading session on Friday, the rupee opened 10 paise stronger at 93.82 on Monday morning. It subsequently extended its gains to touch 93.68 during early trade. However, increased demand for dollars from importers later exerted pressure on the domestic currency, pulling it back to 93.85.

Amid continued volatility in the foreign exchange market, the rupee was trading at 93.83 against the US dollar at 10:45 a.m.

The rupee's recovery against the dollar received considerable support from a decline in the US Dollar Index, which measures the greenback's strength against a basket of six major international currencies. The index was down 0.18 per cent at 102.11 during the morning session.

The sustained softness in international crude oil prices also provided support to the domestic currency, helping improve the rupee's overall outlook.

Apart from the US dollar, the Indian currency also strengthened against other major international currencies during Monday's morning session.

The rupee maintained a broadly firm trend against the British pound (GBP). After closing at 125.69 in the previous trading session, the pound declined by Rs. 0.15, or 0.12 per cent, to trade at 125.53 against the Indian currency.

Similarly, the rupee gained ground against the euro (EUR), the common currency of the European Union. The euro, which had settled at 104.92 in the previous session, weakened by Rs. 0.20, or 0.19 per cent, to trade at 104.71.

The Indian currency also registered a gain of 0.05 per cent against the Japanese yen (JPY), trading at 0.59.

According to foreign exchange market analysts, continued interest from foreign institutional investors in Indian markets has emerged as an important source of support for the rupee. This trend comes amid global concerns over elevated valuations of technology stocks.

Experts believe that the US Dollar Index hovering close to the 102 mark, coupled with positive sentiment across Asian markets during the morning session, could provide further support to the Indian currency in the coming trading sessions.

For the short term, analysts have identified 93.50 as a strong support level for spot dollar-rupee during Monday's trading session, while 94.30 is expected to act as a significant resistance level.

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Hindusthan Samachar / Jun Sarkar