India, Nov. 24 -- The Indian Rupee strengthened 0.4% against the US Dollar on Monday as the Reserve Bank of India intervened to prop up the local currency. The INR-USD exchange rate stood at 89.15 as against 89.48 in the previous close.

The Reserve Bank of Indian likely intervened to support the rupee before the local spot market opened on Monday, four traders told Reuters, putting the currency on track to open above its all-time low hit on Friday.

Traders said that the RBI had likely stepped in the spot and non-deliverable forwards market to support the South Asian currency.

"The rupee may easily breach 90 in the absence of the RBI," Ritesh Bhansali, deputy CEO at Mecklai Financial Services Ltd., told Bloomberg News, pointing to level...