On April 22, 2023, the Indian rupee weakened for the third consecutive session, closing at 93.83 against the US dollar, down 39 paise from the previous day. The decline is linked to rising crude oil prices and uncertainty surrounding US-Iran peace talks, which have heightened tensions in the region. The rupee opened at 93.69 and reached an intraday low of 93.87, approaching the 94 mark it hit on March 23. Analysts from Mirae Asset ShareKhan noted that the rupee is expected to trade with a negative bias due to Foreign Institutional Investor (FII) outflows, although a softening US dollar could mitigate further declines. The dollar index slightly decreased, while Brent crude oil prices rose by 1.29% to USD 99.75 per barrel, following attacks on ships in the Strait of Hormuz, complicating peace efforts. The domestic equity markets also faced turmoil, with the Sensex dropping 756.84 points and the Nifty falling 198.50 points as investors reacted to the market conditions.