The Indian rupee recovered on Monday, opening 32 paise higher against the US dollar. The domestic currency closed at a new record low of 70.15 per dollar on Thursday, after falling 26 paise or 0.37 percent from its previous day's close. The foreign exchange market was closed on Friday for Parsi New Year.

For the year 2018, the Indian rupee has lost 10.5 percent in value but still remains as one of the best-performing currencies in Asia as trade conflict crisis loom the emerging economies of the continent.

India's widening fiscal deficit from previously mounting crude oil prices and the ongoing trade spats between the US and some major emerging markets (Turkey and China), dragged the currency's value to its new all-time low last week.

In the international market, crude oil prices dipped on Monday as investors remained skeptical on the growth in demand for fuel in emerging markets. China has already been seen reporting a drop in oil imports for July, according to a Reuters report. Additionally, signs of easing tensions between the US and China with their ongoing talks put pressure on the dollar, that hit its 13-month high last week.