On Wednesday, the Indian rupee fell to 94.80 per dollar, approaching its record low of 95.21 reached in late March. The decline was moderated by intervention from the Reserve Bank of India (RBI), which involved dollar sales by state-run banks. This action aimed to curb volatility rather than target a specific exchange rate. The rupee's performance is under pressure due to persistently high crude oil prices, which have surpassed $110 per barrel. Traders noted that while the rupee may hold at 94.80, there is considerable dollar buying pressure, suggesting that any dips in the USD/INR exchange rate will likely be met with buying activity. Additionally, attention is shifting to the US Federal Reserve's upcoming policy decision, with analysts anticipating a neutral statement from Chair Jerome Powell regarding the potential economic impacts of ongoing geopolitical tensions, particularly the conflict with Iran.