On April 21, 2023, the Indian rupee fell by 32 paise to close at 93.48 against the US dollar, impacted by a robust dollar and fluctuating crude oil prices. The rupee opened at 93.25 and hit an intra-day low of 93.63 before settling lower. This decline follows a 25 paise loss the previous day and a gain of 47 paise over two sessions prior. Analysts noted that the rupee's performance was influenced by the Reserve Bank of India's (RBI) recent decision to ease restrictions on speculative bets in non-deliverable forward markets, although the USD 100 million cap on net open positions remains in effect. The dollar index rose by 0.19% to 98.09, while Brent crude oil prices were trading at USD 94.81 per barrel, reflecting concerns over supply disruptions from the Strait of Hormuz. The geopolitical situation, particularly the US-Iran negotiations, adds to the uncertainty affecting the rupee. Despite a strong performance in domestic equity markets, with the Sensex rising by 753.03 points to 79,273.33, the rupee continued to face downward pressure.