The Indian rupee strengthened to around 92.4 per dollar, extending gains for a second session to a month-high, supported by plunging oil prices and a broad rally in Asian currencies following a two-week Middle East ceasefire. The agreement, reached by Donald Trump less than two hours before a self-imposed deadline to reopen the Strait of Hormuz, eased geopolitical uncertainty and boosted risk assets while helping to normalize energy flows and shipping activity. The rupee received further support as the Reserve Bank of India announced its first monetary policy decision of fiscal year 2026/27, leaving the key repo rate unchanged at 5.25% for the second consecutive meeting. Investor sentiment was also bolstered by trade developments, with India and New Zealand expected to sign a Free Trade Agreement on April 24. The deal is projected to provide tariff-free access for Indian goods in the New Zealand market and could attract up to USD 20 billion in investment over the next 15 years.