INR vs USD, April 8: Indian rupee strengthens to 92.56 on US-Iran two-week ceasefire

Data collected from Investing.com USD/INR currency rate showed that the Indian rupee was trading 0.31% lower at 92.561 against the US dollar as of 9:27 am on April 8, compared to the previous currency market close level of around 92.84.

The Indian rupee strengthened by 50 paise at the opening bell to 92.56 against the US dollar during the early market session, according to a PTI report.

The data also showed that the domestic currency hit an intraday high of 93.075, weakening against the US dollar due to the higher demand for the greenback despite the Reserve Bank of India’s (RBI) recent currency volatility control practices.

Investors are now looking forward to RBI’s first monetary policy committee (MPC) meeting of the financial year ending 2026-27, with key focus on the outlook for inflation and growth amid the geopolitical developments.

"The tone of the policy will be closely tracked, especially given the rapidly changing global environment," CR Forex Advisors MD Amit Pabari told the news agency PTI.

Dollar loses demand over ceasefire deal

Bloomberg’s US dollar spot index (DYX) data showed that the greenback dropped below the 100 psychological level, trading 0.90% lower at 98.961 as of 12:00 am (EDT), compared to 99.858 at the previous market close amid the two-week relief announced by US President Donald Trump.

In the early hours on Wednesday, Indian time, the US President Donald Trump announced that after having talks with Pakistan Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, the United States has decided to hold its attacks on Iran for two-weeks, in exchange, the Gulf nation will allow safe passage of crude oil.

“I agree to suspend the bombing and attack of Iran for a period of two weeks. This will be a double-sided CEASEFIRE!” said Trump in his Truth Social announcement.

Iran also said that it will allow safe passage through the Strait of Hormuz, provided the attacks on Iran are halted over the next two weeks.