Currency markets were largely subdued in Asian trading after a sharp improvement in risk sentiment earlier this week, triggered by an interim deal between Iran and U.S.

Most Asian currencies were little changed on Wednesday as investors awaited further details on an Iran-U.S. peace agreement.

Currency markets were largely subdued in Asian trading after a sharp improvement in risk sentiment earlier this week, triggered by an interim deal between Iran and U.S. that could pave the way for the reopening of the Strait of Hormuz and a gradual return of Iranian oil supplies to international markets.

Details of the agreement began emerging on Tuesday. Under the proposed accord, Iran would immediately resume oil exports following implementation.

Currencies saw limited moves. The yen’s USD/JPY pair edged down 0.1% to 160.30 yen, remaining muted even as the Bank of Japan hiked rates by 25 basis points a day earlier.

Government data on Wednesday showed exports rose for a ninth straight month in May, driven by strong semiconductor demand linked to artificial intelligence-related investment.

The yuan’s onshore pair USD/CNY and the Singapore dollar’s USD/SGD were largely muted.

The won’s USD/KRW pair added 0.4%, bucking the trend.

The Indian rupee’s USD/INR pair edged down 0.3%, hitting over a five-week low.

The Australian dollar’s AUD/USD pair traded flat, a day after the country’s central bank held rates steady as expected.

In related news, investors also awaited the outcome of the U.S. central bank’s first policy meeting under Chair Kevin Warsh.

Traders refrained from placing large directional bets ahead of the central bank’s policy announcement later in the day.

The US Dollar Index traded largely flat after four straight sessions of losses, remaining near a 10-day low.