The Rupee opened in a narrow range on Wednesday, supported by persistent central bank intervention near ?the 92.50-per-dollar level, while traders await the Federal Reserve's rate ?decision amid surging oil prices. The bias on the dollar/rupee pair is for ?a "step-by-step and orderly" uptick considering oil now looks to be holding ?the $100 handle, a currency trader at a bank said. The rupee has remained vulnerable to a decline past 92.50 over the past three sessions, with intervention by the ?Reserve Bank of India preventing the break lower. The Fed will announce its ?policy decision later ?in the day, ?with economists widely expecting the central bank to remain on hold. Expectations for rate cuts have been pared ?back, with markets now pricing in around 25 basis ?points of reductions this ?year, compared with over 50 bps before the war began. The dollar took a breather on Wednesday as easing crude oil prices sparked a glimmer of risk appetite in the markets ahead of a slate of key central ?bank decisions. The yen remained shaky near levels that triggered concerns about Tokyo intervening in the markets ahead of Japanese Prime Minister Sanae ?Takaichi's meeting in Washington with President Donald Trump. The euro edged lower after two days of gains, with the European Central Bank set to begin its two-day meeting. The greenback has gained as the only remaining haven currency during the Middle East crisis that is now in its third week. Oil ?prices fell slightly on Wednesday morning after sources, citing American Petroleum Institute figures, showed an increase in U.S. crude inventories. The dollar index , which measures the greenback against a basket of currencies, edged up 0.06% to 99.61 after a two-day decline. The euro was down 0.05% at $1.1532. The yen weakened 0.01% against the greenback to 159.00 per dollar. Sterling held steady at $1.3355. The dollar reached a 10-month high ?at the end of last week as the Middle East conflict and rising oil prices prompted investors to seek safety in ?U.S. assets. Expectations for Federal Reserve easing have also been scaled back, with markets now assigning about 25 basis points of cuts this year. Traders ?are pricing ?more than one ECB rate hike in 2026, a sharp shift from ?the roughly 50% chance of a cut seen before the conflict began. The Australian dollar strengthened 0.1% versus the greenback to $0.7109. New Zealand's kiwi strengthened 0.05% versus ?the greenback to $0.586. Oil prices eased on Wednesday to pare back some of Tuesday's sharp gains after the Iraqi government and Kurdish authorities reached ?a deal to resume oil exports via Turkey's Ceyhan port, providing modest relief to ?concerns about Middle East supplies. But with no signs of a de-escalation of the Iran conflict, which has left oil exports from the Middle East largely halted, Brent futures prices have settled above $100 per barrel for the prior four consecutive ?sessions. After rising more than 3% on Tuesday, Brent futures edged back 67 cents, or 0.65%, ?to $102.75 a barrel by 0209 GMT on Wednesday. U.S. West Texas Intermediate crude ?dropped $1.18, or 1.23%, to $95.03.......