The rupee depreciated 13 paise to 94.81 against the U.S. dollar in early trade on Wednesday (April 29, 2026), as rising global oil prices kept the currency under pressure.

Forex traders said elevated crude oil prices and month-end dollar demand amid a broader shift toward safe-haven assets dented investor sentiment.

The focus has now shifted to the upcoming U.S. Federal Reserve policy decision. While rates are expected to remain unchanged, the tone will carry more weight than the action, they said.