The Indian rupee steadied to around 92.6 per dollar, holding recent gains as traders weighed the durability of the Middle East ceasefire and broader global risk sentiment. The currency is expected to open in the 92.70–92.80 range, supported by ongoing Reserve Bank of India measures and easing foreign equity outflows, which have helped stabilize flows. However, upside potential is seen as limited, with participants pointing to volatile crude prices, persistent importer hedging, and uneven capital inflows likely keeping the rupee confined to a narrow trading band. Global sentiment remains fragile after renewed Middle East escalation, with Donald Trump and Iranian officials diverging on the path forward and clouding prospects for talks ahead of a ceasefire deadline. Tensions rose after US forces boarded an Iranian-flagged vessel in the Gulf of Oman, the first enforcement action tied to the Strait of Hormuz blockade.