On April 7, the Indian rupee depreciated by 17 paise to 93.07 against the US dollar, influenced by continuous foreign capital outflows, a robust dollar, and rising crude oil prices amidst geopolitical tensions. The rupee opened at 93.05 but quickly lost ground, marking a decline from the previous close of 92.90. The Reserve Bank of India's (RBI) recent measures to stabilize the currency, including capping banks' net open positions at USD 100 million, have provided some support, but pressures remain due to high crude oil prices, which are above USD 100 per barrel. This situation exacerbates India's Current Account Deficit (CAD), as the country heavily relies on oil imports. Additionally, foreign investors have withdrawn nearly USD 16 billion from Indian markets this year, reflecting a risk-off sentiment. The dollar index rose by 0.13% to 100.11, while Brent crude traded at USD 111.11 per barrel. With the RBI's monetary policy decision expected soon, analysts predict the rupee will remain range-bound between 92.50 and 93.50.