The currency is seen opening at 95.68–95.72 per dollar, compared with Monday’s close of 95.6025. It slipped beyond 95.50 on Monday despite broader dollar weakness, with the RBI’s policy change unsettling market participants.

The central bank has moved the swap facility’s deadline to August 31, taking a month off the available window. The facility covers deposits mobilised from Non-Resident Indians. The surprise revision caught bank officers unprepared, while traders at private banks said it had left the rupee more vulnerable than a week earlier.

Brent oil moved above $91 a barrel after the US-Iran truce ended, raising concerns about military conflict. Costlier crude increases India’s dollar requirement for fuel purchases. US government bond yields have also climbed to levels not seen in more than two decades, making dollar investments more attractive relative to emerging markets.

RBI intervention did not stop the currency’s fall. Oil-sensitive Asian currencies are also under strain, and expectations that the US Federal Reserve may leave rates unchanged next month have offered little comfort. With crude above $90, the report points to continued downside risk and possible liquidity changes around the swap deadline.