Indian rupee showed mild weakness against the U.S. dollar on Wednesday as investors were cautious amid the US blockade targeting Iranian ports could pressure remaining flows, with Washington reporting that several vessels had already turned back in the first 24 hours, even as transit via non-Iranian ports continues. However, the rupee found some support amid renewed hopes of de-escalation in West Asia after US President Donald Trump hinted a new round of talks with Iran. Besides, the brent crude oil prices have retreated to trade near $95 per barrel, which also supported the rupee. Meanwhile, India's wholesale price index (WPI) inflation accelerated further in the month of March 2026 at 3.88% as compared to 2.13% in February 2026, driven by firming prices of crude petroleum & natural gas, amid ongoing tensions in West Asia. On the global front, the British pound has weakened against the dollar on Wednesday, to trade below $1.36, as traders weighed optimism over US-Iran peace talks against lingering economic risks. The International Monetary Fund has warned that the ongoing conflict involving Iran has decelerated global economic momentum.

Finally, the rupee ended at 93.36 (Provisional), weakened by 1 paise from its previous close of 93.35 on Monday. The currency touched a high and low of 93.45 and 93.13 respectively.