On Tuesday, the Indian rupee appreciated for the third consecutive day, closing at 92.98/$, up 9 paise from its previous close of 93.07/$. This rise reflects the expected impact of unwinding lenders' positions in overseas forwards markets before a regulatory deadline aimed at supporting the currency, which had faced significant losses in the previous fiscal year. Throughout the day, the rupee fluctuated between 92.86/$ and 93.07/$, as dollar sales from the unwinding of arbitrage positions were countered by demand from importers and oil companies. Jateen Trivedi, VP research analyst at LKP Securities, noted that while the Reserve Bank of India (RBI) has implemented measures to curb volatility, the rupee's trajectory remains sensitive to global economic cues, particularly the ongoing negotiations between the US and Iran. The near-term outlook for the rupee is projected to range between 92.50/$ and 93.75/$, with upcoming RBI monetary policy decisions expected to serve as a significant directional trigger.