On Tuesday, the Indian rupee depreciated to 93.50 per dollar, a 0.4% decline from the previous close, following the Reserve Bank of India's (RBI) partial rollback of forex derivative curbs. This adjustment allows banks more flexibility in arbitrage trades, yet analysts like Anil Kumar Bhansali from Finrex Treasury Advisors LLP caution that the rupee's depreciation will be contained due to supportive measures, including a dollar window for oil companies. Despite the recent drop, the rupee has shown resilience, appreciating 1.41% in April and ranking as the fifth-best performing Asian currency this financial year. However, pressures from global energy markets, with crude oil prices around $95 per barrel, continue to challenge the rupee's stability. The RBI's governor emphasized the bank's role in foreign exchange interventions, while market participants noted that the rollback of restrictions is unlikely to have an immediate impact on the spot rupee, as broader global dynamics remain influential. The one-year forward premium fell sharply by 30 basis points after the RBI's announcement, indicating market adjustments to the new rules.