Rupee opens 12 paise lower at 96.40 against US dollar

The Indian rupee opened 12 paise weaker at 96.40 against the US dollar on Monday, weighed down by Brent crude surging above 90 dollars per barrel amid an escalating US-Iran conflict and disruptions to shipping through the Strait of Hormuz. The rupee has declined 1.7% so far in July and is approaching its record low of 96.96 hit in May, with a previous recovery supported by RBI measures and FPI inflows now fading. Concerns over India's import bill and inflation outlook have resurfaced as oil prices resumed their upward trajectory, with Brent crude futures advancing 2.7% on the day.