Rupee closes flat at 94.52 vs USD as oil-led rally faces off against dollar demand; Fed verdict looms

The Indian rupee closed flat at 94.5250 against the US dollar, after touching an intraday high of 94.2925, its strongest level since May 7. Support came from a decline in Brent crude to below $80 per barrel, following a US-Iran interim peace deal that eased Strait of Hormuz tensions, though corporate dollar demand capped gains. Traders are now focused on the US Federal Reserve policy decision under new Chair Kevin Warsh, with attention on the dot plot and 2026 rate path guidance.