On April 30, 2023, the Indian rupee opened at 95.02/$, falling 34 paise and marking its lowest level since March 30. Analysts attribute this decline to significant foreign institutional investor (FII) outflows exceeding $19 billion and elevated crude oil prices, which are increasing India's import costs and inflation risks. The US Federal Reserve's hawkish commentary has further strengthened the dollar, adding to the rupee's woes. Despite recent regulatory efforts by the Reserve Bank of India (RBI) to curb speculation in the foreign exchange market, the rupee has erased gains made earlier in April. The RBI has introduced measures such as capping banks' net open positions and restricting certain forex derivative contracts to stabilize the currency. Analysts predict the rupee will trade between 94.55 and 95.40 in the near term, facing ongoing pressure from weak capital inflows and geopolitical tensions affecting oil supply.