(fxcue news) - Indian shares look set to open higher on Tuesday after tariff relief hopes propelled U.S. equities to one of their best sessions of the year overnight. Investors are likely to watch oil price movements closely after Russia played down expectations for rapid progress in Ukraine peace talks. Benchmark indexes Sensex and Nifty jumped around 1.4 percent and 1.3 percent, respectively on Monday, adding to last week's rally on U.S. tariff relief hopes. As FIIs return, the rupee surged by 31 paise to close at 85.67 against the dollar, continuing its upward momentum for the seventh consecutive session and wiping out all of the rupee's losses for 2025. Foreign investors remained net buyers of Indian equities for a third straight day on Monday and bought shares to the extent of Rs 3,055.76 crore, as per provisional data. Asian markets were mostly higher this morning on easing tariff worries. The dollar climbed to a three-week high on the yen and was strong across various currencies, pushing gold prices lower toward $3,000 per ounce. Oil hovered near a three-week high after rising more than 1 percent in the previous session as U.S. President Trump said he would seek a 25 percent tariff on nations buying crude and gas from Venezuela. U.S. stocks rose sharply overnight after reports emerged that the Trump administration might take a more measured approach on tariffs against U.S. trading partners and could omit a set of industry-specific tariffs. President Trump said that tariffs on automobiles, aluminum and pharmaceuticals are coming soon, and that he may give "a lot of countries" breaks on tariffs, without providing any details. In economic news, data showed U.S. business activity picked up in March, but consumer sentiment deteriorated amidst fears over import tariffs and deep government spending cuts. The Dow rallied 1.4 percent, the S&P 500 surged 1.8 percent and the tech-heavy Nasdaq Composite soared 2.3 percent. European stocks ended mostly lower on Monday, failing to hold early gains. The pan European STOXX 600 slipped 0.1 percent. France's CAC 40 shed 0.3 percent, the U.K.'s FTSE 100 slid 0.1 percent and the German DAX dipped 0.2 percent.