The spike in Brent crude (now near $102 per barrel) came after US President Donald Trump said the US Navy will start blockading the Strait of Hormuz, a major route for global energy shipments.
This news sent the rupee tumbling, opening more than 50 paise lower at ₹93.28 per US dollar.
Everyone's watching for March's inflation data, which is likely to tick up but should still stay within RBI's target range for now.