The Rupee opened strong on Wednesday from choppy oil prices and foreign outflows from the country's equity market, ?with conflicting signals on a possible Iran de-escalation keeping traders cautious ?on the currency's ability to hold past the 92-per-dollar mark. Bankers said that while the rupee’s downside risks have diminished in the ?wake of the central bank's intervention and a pullback in crude oil ?prices, lingering Iran-war related risks and outflows from Indian equities could still ?limit any sustained recovery. Brent crude has retreated to around $88 a barrel, well below ?the near-$120 peak reached at the height of concerns over supply disruptions from the Iran war. Higher oil prices are a key risk for net energy importer India. The dollar held its ground on Wednesday as traders moved to the sidelines, awaiting ?cues on what comes next in the U.S.-Israeli war with Iran while mixed messages on a resolution to the conflict ?kept sentiment frail. The dollar, which has surged as the more than week-long ?war sent oil prices soaring, has given up some of those gains on hopes of a swift resolution, but analysts remain ?sceptical of the conflict ending so soon. Raising the stakes for the ?global economy, Iran's Islamic Revolutionary Guard Corps said it would block oil shipments from the Gulf unless U.S. and Israeli attacks ceased. The euro last bought $1.16205 in early Asian hours, slightly stronger than the three-month low it touched on Monday. Sterling ?was ?0.12% higher at $1.34305. The dollar index , which measures the U.S. unit against six other rivals, was at 98.876, inching away from the three-month top hit on Monday. The risk-sensitive Australian dollar hovered close to the nearly four-year high it touched on Tuesday and last bought $0.713. Much of the Aussie's gains came after Reserve Bank of Australia Deputy Governor Andrew Hauser on Tuesday warned that the spike in oil prices would ?push inflation higher and add to ?pressure for a rate rise ?at its policy meeting next week. Fed funds ?futures traders are now pricing in 39.7 basis points of cuts by year-end, indicating doubts over whether the U.S. central bank will make a second 25-basis-point cut this year. Investor focus will be on the U.S. inflation data for February later on Wednesday. It is expected to show ?that core ?consumer prices rose by 0.2% during the month while headline prices rose by ?0.3%, according to economists polled by Reuters. Oil prices dropped on ?Wednesday after the ?Wall Street Journal reported the International Energy ?Agency has ?proposed the largest release ?of oil reserves ?in its history ?to bring down crude prices that have ?soared amid the ?U.S.-Israel war with Iran. Brent ?futures ?were trading down 23 cents, or 0.26% lower, at $87.57 ?a ?barrel ?at 0023 GMT. U.S. ?West Texas Intermediate (WTI) ?lost ?37 cents, or 0.44%, to ?trade ?at $83.08 a ?barrel.......