Can I recover an important excel workbook?

I was saving and closing some active spreadsheets but had an error message saying I did not have permission to save the file to that location, no matter where I was trying to save the file. I restarted my MacBook and although the file is showing up, it has ~$ in front of the file name and I get the error message

‘Excel cannot open the file … because the file format or the file extension is not valid. Verify that the file has not been corrupted and that the file extension matches the format of the file’

I can’t open this with numbers and really need the data, however can’t find the ‘open and repair’ option in Excel.

Using Microsoft Excel for Mac v.16.88 Microsoft 365 subscription.