Mumbai, May 4 -- The Indian Rupee faltered on Monday after recent spate of declines that weighed the currency down by persistent importer hedging demand. The INR lost 40 paise to close at 95.24 per dollar and hit record lows of 95.25. Oil prices raced higher after falling in Asian trades and WTI Crude oil is currently up 3% at $104.63 per barrel. The US dollar index is up marginally at 98.20 mark. INR weakened following this even as the local equites gained modestly. The frontline equity benchmarks ended with modest gains on Monday as investor sentiment was supported by developments in key state election results, particularly West Bengal. Gains were initially strong but pared as caution persisted amid elevated Brent crude prices and ongoi...