The Indian rupee ended higher at 93.20 per dollar on Thursday, reflecting a 0.2% increase after four consecutive sessions of depreciation. This rise was driven by renewed optimism regarding a potential ceasefire between Iran and the US, which helped keep crude oil prices below $100 per barrel. In April, the rupee has appreciated 1.73%, making it the fourth-best performing currency among Asian peers. However, the currency has depreciated 9.85% in the fiscal year 2026 so far. Analysts noted that the narrowing trade deficit, which fell to $20.7 billion in March from $27.1 billion in February, supported the rupee's recovery. Foreign institutional investors returning to the domestic equity markets and selling dollars also contributed to the positive sentiment. Despite these gains, elevated crude oil prices continued to exert pressure on dollar demand, with Brent crude trading at $96.50 per barrel, impacting the rupee's potential for further appreciation.