The Indian rupee opened higher at 94.45 against the US dollar on Wednesday, compared with its previous close of 94.56, supported by easing crude oil prices that have improved sentiment for the country’s import-dependent economy.

Domestic equities also opened in positive territory, with the Nifty 50 reclaiming the 24,000 mark and the Sensex rising over 130 points in early trade.

The gains come after a strong three-session rally in which the Nifty 50 advanced 3.6% and the Sensex gained 4%. Investor sentiment has been buoyed by a sharp decline in crude prices following the US-Iran peace agreement. Brent crude has fallen about 15% over the past four sessions and slipped below $80 a barrel, easing concerns over energy costs and inflation for India, one of the world’s largest oil importers.

However, analysts expect gains to remain capped as investors await the US Federal Reserve’s policy decision later in the day.

Despite the rally, foreign portfolio investors remained net sellers, offloading shares worth Rs 749 crore on Tuesday and taking total outflows this year to a record $30.67 billion.

Stocks in focus include Infosys, which has partnered with Finland’s Valmet on AI-led IT operations; Wipro, which has opened an AI centre for Anthropic’s Claude in Bengaluru; Sona BLW, which approved an investment of Rs 62.6 crore in robotics manufacturing; and Krishna Defence & Allied Industries, which secured a Rs 45.64 crore order from the Ministry of Defence.