The TWIST Collaboration has measured the Michel parameter $rho$ in normal muon decay, $mu^+ to e^+ u_e bar{ u}_{mu}$. In the Standard Model, $rho$ = 3/4. Deviations from this value require mixing of left- and right-handed muon and electron couplings in the muon-decay Lagrangian. We find $rho$ = 0.75080 $pm$ 0.00044(stat.) $pm$ 0.00093(syst.) $pm$ 0.00023, where the last uncertainty represents the dependence of $rho$ on the Michel parameter $eta$. This result sets new limits on the $W_L-W_R$ mixing angle in left-right symmetric models.