Caught the rupee strengthening against the dollar this week, and there's some interesting dynamics at play. The RBI basically told state-run oil refiners to pump the brakes on spot dollar purchases and use their new credit facility instead, which is helping INR hold ground. It's a familiar playbook from when the Russia-Ukraine situation kicked off. The USD/INR pair has been hovering around 92.80, which puts it roughly at the 90 USD to INR conversion point we've been watching.

What's helping the currency beyond the RBI measures is the oil situation. WTI has been capped near 90 after that spike above 100, and that's actually good news for India since they're heavy oil importers. When crude prices ease off, it takes some pressure off the rupee. Plus, Trump's been talking up the Iran deal prospects, which has kept risk sentiment fairly upbeat and reduced dollar demand as a safe haven.

On the FII side, foreign investors started dipping their toes back into Indian equities after that April 8 ceasefire announcement, though the buying pressure is still pretty modest compared to the selling we saw before. Looking at technicals, the pair is trading below the 20-day moving average around 93.06, so there's a bit of a bearish lean in the near term. The RSI just slipped below 50, suggesting momentum's fading. If we see a daily close above 93.07, that could ease some immediate pressure, but as long as it stays below that level, expect more consolidation or potential weakness toward those March lows around 92.46.