The Indian rupee opened 10 paise higher at 94.46 against the US dollar on June 17, extending its recent gains as Brent crude oil prices fell below $80 per barrel for the first time in nearly three months.

The decline in crude oil prices provided support to the domestic currency, as lower oil prices can reduce India's import bill and ease pressure on the country's trade balance. Brent crude retreated amid expectations of improved supply conditions and easing geopolitical concerns in West Asia.

Investor sentiment was also influenced by developments surrounding a potential peace agreement between the United States and Iran. Any progress toward reducing geopolitical tensions could help stabilize energy markets and further support lower crude oil prices.

Meanwhile, market participants remained cautious ahead of the US Federal Reserve's monetary policy decision later in the day. Investors are closely monitoring the central bank's commentary on inflation, interest rates, and the economic outlook, as these factors could influence global currency movements and capital flows into emerging markets.

Currency traders expect the rupee's near-term direction to remain dependent on global oil prices, foreign fund flows, and signals from the US Federal Reserve regarding the future path of interest rates.