The rupee appreciated 10 paise to close at 94.50 (provisional) against the U.S. dollar, as Brent crude oil prices and the U.S. dollar index retreated further from their elevated levels.

Forex traders said the rupee opened on a positive note as Brent crude has fallen below $79 per barrel, with markets pricing in the reopening of the Strait of Hormuz following the U.S.-Iran peace framework.

Moreover, positive domestic equities supported investor sentiments further.

At the interbank foreign exchange, the rupee opened at 94.46 against the U.S. dollar and traded in the range of 94.29-94.60. Eventually, it settled at 94.50 (provisional), up 10 paise from its previous close.

On Tuesday (June 17, 2026), the rupee ended 2 paise lower at 94.60 against the U.S. dollar.

In the past four trading sessions, the USD/INR pair has gained over 140 paise against the U.S. dollar.

Forex traders said that with oil prices moving in India’s favour and foreign inflows remaining supportive, the near-term outlook for the rupee remains positive.

“We expect the rupee to trade with a positive bias amid positive global market sentiments and softening of crude oil prices. Decline in the U.S. dollar and softening of U.S. Treasury yields may also support prices,” said Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan.

Mr. Choudhary further noted that “investors may remain cautious ahead of the U.S. Federal Reserve’s interest rate decision. The Fed is likely to keep rates unchanged. USD-INR spot price is expected to trade in a range of 94.10 to 94.85.

CR Forex Advisors MD Amit Pabari said the signing of the U.S.-Iran agreement in Geneva on June 19 remains the event to watch. “Until then, the recovery is real but the ground is not yet firm,” he said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.57, higher by 0.03%.

Brent crude, the global oil benchmark, was trading down 0.08% at $78.90 per barrel in futures trade.

On the domestic equity market front, Sensex climbed 347.14 points to settle at 77,155.62, while the Nifty was up 96.55 points to 24,085.70.

Foreign institutional investors offloaded equities worth ₹749.18 crore on a net basis on Tuesday (June 17, 2026), according to exchange data.

In global developments, Vice President J.D. Vance will lead the U.S. delegation for the in-person signing of the peace deal with Iran in Switzerland on Friday (June 19, 2026), President Donald Trump said.

Both Mr. Trump and Mr. Vance have electronically signed the framework agreement with Iran’s lead negotiator Mohammad Bagher Ghalibaf, according to a senior U.S. official quoted by The New York Times.