The Rupee opened strong on Monday, with oil prices softening after Iran highlighted progress in peace negotiations ?with the United States. The recovery has ?shifted underlying sentiment on the currency, easing the perception that ?it is on a sustained depreciation path. A further fall in ?oil prices and positive developments in U.S.-Iran negotiations could lend further support, traders said. Brent crude for August delivery fell 1.7% to $79.24 on Monday ?after Iran's foreign ministry spokesperson said good progress was made during ?talks in Switzerland following talks with U.S. Vice President JD Vance. Iran's ?comments ?helped mollify markets that had been concerned that the tentative peace deal could unravel after U.S. President Donald Trump warned of fresh attacks and Tehran moved to once again shut the Strait ?of Hormuz. Oil prices ?mirrored the ?volatility, once climbing past $82 on concerns over the deal. Asian currencies traded mixed, while the dollar index ?was little changed just below 101. The 10-year ?U.S. ?Treasury yield edged higher, though it remained off recent peaks. The backdrop for the rupee is positive for now, although not in a ?way ?that suggests a major rally, a currency trader ?at a bank said. The dollar was firm on Monday as uncertainty ?clouded a tentative U.S.-Iran peace deal following threats from President Donald Trump to restart the war in the ?Middle East and Tehran's announcement it had closed the Strait of Hormuz. The pound was 0.24% weaker at $1.32055, while the euro softened ?0.1% to $1.1462. The Australian dollar was last down 0.19% at $0.70035, while the New Zealand dollar last bought $0.573. Markets will be focused on Burnham's views ?on ?fiscal policy and whether there will be any relaxation of the current fiscal rules, Commonwealth Bank of Australia strategists said. The Japanese yen slipped to 161.53 per dollar, hovering near a two-year low reached last week. A break beyond 161.96 would ?take the yen to its ?weakest level since 1986. Japanese Finance ?Minister Satsuki Katayama said on Monday that authorities were prepared to respond appropriately to currency moves at any time, reiterating their previous stance. The yen has erased gains made after a round of interventions from April 30, as a hawkish tilt by the Federal Reserve ?has ?led traders to ramp up bets on rate increases this year. Treasuries remained under ?pressure on Monday with yields on 2-year notes rising to their highest since early 2025 at 4.2276%. Traders are anticipating 43 basis points of hikes ?this year with a 25 bp increase fully priced in by September. Oil prices slid on Monday after U.S.-Iran talks concluded ?in Switzerland with Tehran saying it had secured waivers for oil and petrochemical exports, easing worries about a ?supply shortage in global markets. Brent crude fell $1.53, or 1.90%, to $79.04 a barrel by 0656 GMT. Prices had earlier climbed to $82.30 at the start of trading, fuelled by a bumpy start to the talks with threats from U.S. President Donald Trump to restart the war on Iran and Tehran's announcement it ?had again closed the Strait of Hormuz.......