The Indian rupee strengthened for the fourth consecutive session, closing at ₹92.58 per US dollar, a 0.5% increase from the previous day. This rise was fueled by a nearly 14% drop in benchmark Brent crude prices following a ceasefire agreement between the US and Iran, which also led to a surge in Indian equities, rising nearly 4%. The rupee has appreciated 2.4% so far in April, indicating a positive shift in global risk appetite. Forward premiums also declined, with the one-year implied rate on the dollar/rupee forward falling 22 basis points to 3.08%. Despite the positive developments, analysts from HDFC Bank caution that the rupee may face depreciation in the medium term, predicting a range of ₹94-96 by the end of FY27. The Reserve Bank of India's recent policy decisions did not significantly impact the currency, as the central bank maintained its rates and stance, emphasizing measures to manage rupee volatility without indicating a structural change in policy.