The rupee appreciated 50 paise to 92.56 against the U.S. dollar in early trade on Wednesday (April 8, 2026) after U.S. President Donald Trump announced suspension of military strikes against Iran for two weeks.

Forex traders said the two-week ceasefire announcement triggered a wave of outsized bargain buying amongst the risk assets as Asian Stocks, Dow futures, Gold and Silver all rallied while Brent Oil fell below $100 to $96 per barrel.

The rupee, in accordance, surged to 92.56 levels, with the RBI deadline still in place till the 10th of April, regarding squaring of positions taken overnight up to $100 million.