The Indian Rupee (INR) surrenders some gains after a strong opening against the US Dollar (USD), following the Reserve Bank of India’s (RBI) monetary policy decision. The USD/INR opened sharply lower near the monthly low at around 94.80 due to lower oil prices, but it has clawed back some of its early losses and has rebounded to near 95.12. RBI Governor Sanjay Malhotra has warned that the West Asia conflict continues to challenge the global economy, with crude oil prices, currencies, and financial markets remaining volatile. On the economic outlook, RBI Governor Malhotra has assured that economic activity remained robust, stating, "Indian economy performed better than expected in Q1 FY27." US-Iran deal hopes push oil prices lower furtherOil prices extend their decline on Wednesday amid hopes that the US and Iran will reach a deal soon.