The Indian rupee strengthened by 33 paise to 92.85 against the US dollar in early Monday trade, supported by the Reserve Bank of India tightening norms to curb speculative positions, including capping banks’ net open positions at USD 100 million.

The domestic currency opened at 93.13 in the interbank forex market and advanced to 92.85, marking a sharp gain from its previous close.

However, forex traders noted that underlying pressures persist due to continued foreign fund outflows, a stronger dollar, and rising crude oil prices amid ongoing geopolitical uncertainties.