<h1>Foreign exchange volatility driven by trade negotiation optimism and central bank signals shaping near term currency direction.</h1> Rupee appreciation was driven by domestic equity strength and optimism over a prospective US-India trade arrangement, with traders flagging sensitivity to global risk on cues, US economic data and anticipated RBI monetary signals. Intraday ranges, importer payment premiums and external drivers-dollar index, crude futures and foreign investor flows-were identified as key determinants of near term FX supply-demand conditions.