<h1>Exchange rate pressure from monetary easing and higher oil prices narrows interest differentials and weakens the rupee outlook.</h1> The currency depreciated in a narrow early trading range as an aggressive central-bank rate cut narrowed the interest-rate differential with global peers, weakening the rupee's appeal, while rising crude oil prices heightened trade-deficit vulnerability; technical support and resistance levels, dollar-index movements, and foreign institutional equity flows were cited as immediate market drivers.