Rupee opens flat at 96.25 against US dollar

The Indian rupee opened flat at 96.25 against the US dollar on July 16, but remained under pressure as elevated crude oil prices and weak market sentiment weighed on the currency. Renewed US-Iran hostilities triggered another rally in crude oil, raising concerns over India's import bill and inflation outlook. The local unit has declined 1.7% so far this month and is edging closer to its record low of 96.96 per dollar touched in May, with support from recent RBI measures to boost dollar inflows largely dissipating.