The Indian rupee strengthened to around 94.3 per dollar,reversing earlier losses and positioning for further gains as crude oil prices fell below levels seen before the Iran conflict. In the previous session, the rupee briefly neared the 95-per-dollar level before rebounding, supported by likely Reserve Bank of India intervention and comments from RBI Governor Sanjay Malhotra that weighed on forward premium levels. Support for the rupee was reinforced by a steep correction in global energy markets following the announcement of a 60-day negotiating period between the United States and Iran. The retreat in energy costs has eased worries about imported inflation for major oil-importing economies such as India. European natural gas prices have fallen about 45% from their wartime peak, while crude oil prices have declined roughly 40%. Brent crude has slipped below $80 per barrel, dropping beneath levels recorded before the Iran conflict escalated, and US crude is approaching the $70 mark.