Mumbai: The rupee advanced for the third straight session against the US dollar Monday after crude oil prices plunged globally on expectations Tehran and Washington are closer than ever to a workable deal on the crucial waterway that evacuates a fourth of the planet's transport fuels.The rupee closed at 95.23 Monday, highest in over two weeks, versus its previous close of 95.69, despite the absence of pronounced central bank interventions that, dealers said, had helped undergird the local unit against the greenback over the past two sessions.The rupee traded in the range of 95.45 and 95.10 on Monday. while oil prices fell more than 5% to $97.8 per barrel, Reuters reported, lifting risk assets across Asia Pacific. Indian stock indices surged, with the Nifty 50 clawing back above 24,000 after nearly three weeks.Support SignalReserve Bank of India (RBI) Governor Sanjay Malhotra said in a media interview that while the central bank does not target any specific level for the currency, it stands ready to intervene if speculative pressures build up, pointing to the current pace of depreciation in the currency."The RBI usually does not comment on the direction of the currency even if it comments on excessive volatility. This time, however, the Governor has clearly spoken on the direction of the intervention and that it wants to control its weakness," said a trader from a private sector bank.Governor Malhotra said in the media interview that the pace of slide in the rupee has built a business case for its support."With the recent depreciation, it would be reasonable to think that the rupee is not overvalued. If anything, one could argue that the rupee has become undervalued," Malhotra said. "Let me emphasize - we will do whatever is required to ensure orderly price discovery in the forex market," he said.The currency has depreciated 2.3% in the fiscal year so far, after having depreciated nearly 11% in FY26 - the most in 14 years.AgenciesUnit closes at 95.23 after oil plunges, RBI Guv signals support to counter speculationRebound?Many market participants also expect the RBI to announce measures to support the rupee at its June 5 policy meeting, even as markets continue to price in further weakness in the currency.These measures could include concessional-rate FCNR deposits, relaxation in external commercial borrowing norms, easing hedging requirements for foreign investors, and expanding investment limits for bond investors."While such measures may slow the pace of INR depreciation, they continue to see a weaker path for the currency to 98 in the weeks ahead, although at a less rapid clip than we have seen over the past weeks," Barclays said in a note Monday.