On Thursday, the Indian rupee fell to 94.1525 per dollar, marking its weakest level in over three weeks, primarily influenced by a surge in oil prices and recent policy changes by the Reserve Bank of India (RBI). Brent crude futures climbed to $106 per barrel amid renewed shipping challenges in the Gulf, reflecting fragile risk sentiment as diplomatic efforts between the U.S. and Iran remain stalled. The RBI's decision to relax certain foreign exchange measures, including the withdrawal of restrictions on non-deliverable forwards and corporate rebooking of cancelled contracts, has left market participants uncertain about the implications for the rupee. A senior trader noted that the fundamental outlook for the rupee is negative, with expectations of further declines unless the RBI intervenes again if the currency falls below 95. Additionally, global markets are facing pressure from the ongoing uncertainty surrounding the Iran conflict, contributing to a decline in Asian stocks and oil-sensitive currencies.