The Indian rupee strengthened against the US dollar in early trade on Wednesday, driven by eased geopolitical tensions after US President Donald Trump announced a two-week suspension of military strikes against Iran just hours before his 8 pm ET deadline. Rupee got some support after the RBI's Monetary Policy Committee decided to keep the benchmark policy repo rate unchanged at 5.25 per cent in the April monetary policy review, and retained its current policy neutral stance, amid hopes of a global recovery on the back of ceasefire in the six-week-long US/Israel-Iran conflict. However, Foreign Institutional Investors offloaded equities worth Rs 8,692.11 crore on Tuesday, exchange data showed.

The partially convertible currency is currently trading at 92.62, stronger by 44 paise from its previous close of 93.06 on Tuesday. The currency touched a high and low of 92.92 and 92.45 respectively.