The Indian rupee rose against the U.S. dollar for a second straight session on Monday, as oil prices plunged following ​the U.S.-Iran preliminary agreement to end their conflict and reopen the ‌crucial Strait of Hormuz.

The announcement added to the strength that the currency built after the Reserve Bank of India’s measures to attract dollars into the economy on June 5, ​when the central bank did not move on rates or change ​its “neutral” stance.

On Monday, the local currency ended 0.4% higher at ⁠94.71 against the previous session’s 95.11 close. During the day’s session, the ​rupee touched 94.4625, its highest level in five weeks.

The currency’s year-to-date decline has ​narrowed to 5.6%. It struck a record low of nearly 97 per dollar last month.

The currency may be entering a more supportive near-term phase with lower oil prices, and ​as the central bank’s steps will start attracting dollar inflows, traders said.

“The ​news of war ending is a positive development for the currency, but we may not ‌see ⁠a one-way rally and the currency could move towards 93.25 in the near term,” said Victor Roy, head of treasury at CTBC Bank.