The Indian rupee appreciated on Tuesday, trading at 95.63 per dollar, buoyed by a decline in crude oil prices and new measures from the Reserve Bank of India (RBI) aimed at attracting dollar inflows. Analysts have revised their depreciation forecasts, with Goldman Sachs moving its prediction from 97 per dollar to 94 over the next year. MUFG also adjusted its forecast, expecting the rupee to stabilize around 94 by the end of the September quarter, a shift from its earlier estimate of 95.80. The RBI's recent policy measures include allowing leverage for Non-Resident Indian (NRI) deposits and offering discounted swaps for banks' overseas borrowings, implemented to counter the rupee's year-to-date decline of nearly 8% to a record low of 96.96. The rupee's recent fluctuations highlight its vulnerability to oil price volatility, particularly amid geopolitical tensions in the Middle East, which have seen a temporary ceasefire between Iran and Israel. Analysts at Citi anticipate that the rupee could move towards 93 as concerns about balance of payments risks lessen and the RBI builds its foreign exchange reserves.