The Indian rupee traded just below 94 per dollar, hovering near its record low, as a pullback in oil prices followed reports of a US ceasefire proposal to Iran. The news improved risk sentiment surrounding the Middle East conflict and reduced safe-haven demand for the dollar. Still, any relief for the rupee was limited, with persistent foreign portfolio outflows and upcoming non-deliverable forward (NDF) and fiscal year-end maturities sustaining strong dollar demand. India’s heavy dependence on oil imports, combined with ongoing worries over damage to Gulf energy infrastructure, kept underlying pressures elevated. At the same time, the rupee has become more vulnerable to external shocks after earlier Reserve Bank of India intervention—estimated at $16–18 billion—curbed its ability to provide further support. Market participants remain focused on crude price movements, foreign investor flows, and geopolitical developments.