The Indian rupee rebounds well in opening trades on Monday after the Reserve Bank of India (RBI) has stepped in with a key measure to stabilise the currency. The central bank has directed banks to cap their net open rupee positions in the onshore deliverable market at $100 million at the end of each business day. The rule will come into effect from April 10. INR opened at Rs 93.62 per dollar and hit a high of 93.57 so far during the day. On Friday, rupee slumped by a massive 89 paise to close at a historic low of 94.85 against the US dollar on Friday, as concerns of higher crude oil prices weighed heavily on the currency and overall macroeconomic outlook. Nevertheless, dollar strength, soaring oil prices and dented investor sentiments amid ongoing turnoil is likely to limit upside in the counter. Local indices are also in the negative although not as sharp as decline witnessed last week. Nifty50 opened the trading day below 22,500 and BSE Sensex dropped over 1,100 points in opening trades.