Rupee hits one-month closing high as oil prices slide

The Indian rupee climbed to its highest closing level in a month on Wednesday, driven by a decline in crude oil prices that supported early gains. The Reserve Bank of India's decision to hold rates steady limited further upside, but analysts identified near-term support around 94.75 and resistance at 95.60.

Foreign exchange inflows and weakness in the US dollar also bolstered the rupee's sentiment. The combination of lower oil prices and external dollar weakness provided positive tailwinds for the currency during the session.