The rupee appreciated by 23 paise to 94.95 against the U.S. dollar in early trade on Wednesday (May 6, 2026) as Brent crude prices retreated from their elevated level after U.S. President Donald Trump hinted at a possible deal with Iran.

Forex traders said oil prices fell to $108 per barrel, as signs of easing geopolitical tensions in West Asia offset the lingering supply concerns.