The rupee settled just 3 paise higher at 95.33 (provisional) against the U.S. dollar on Wednesday (August 12), as hopes of a quick U.S.-Iran agreement and reopening of the Strait of Hormuz faded. It eventually settled at 95.33 (provisional), higher by 3 paise from its previous close. On Tuesday (August 11), the rupee declined 6 paise to settle at 95.36 against the U.S. dollar. Brent crude, the global oil benchmark, was trading higher by 0.07% at $88.97 per barrel in futures trade. A hotter-than-expected CPI would strengthen expectations of a September Fed rate hike, pushing yields and the dollar higher.