Overview
- India’s rupee, which opened stronger Wednesday, traded near 93.15–93.22 to the dollar as reports of a possible second round of U.S.–Iran talks lifted risk appetite and pulled oil futures back toward $94–95.
- Following Monday’s failed talks and a U.S. announcement of a naval blockade of Iranian ports, Brent futures jumped above $100 and the rupee slid to about 93.3–93.4 while Indian stocks sold off.
- The U.S. dollar index hovered near six‑week lows on Wednesday after traders priced out some safety demand on hopes diplomacy resumes.
- Pakistan’s rupee stayed near 279 from Monday through Wednesday, with State Bank of Pakistan data on March remittances of about $3.8 billion and steady reserves cited as anchors.
- Analysts and the Asian Development Bank cautioned that any renewed escalation could push energy costs higher, weaken growth in India and Pakistan through inflation and trade disruptions, and keep pressure on their currencies.