India, June 1 -- The Indian rupee started the week on a weaker note, declining 9 paise to 94.94 against the US dollar in early Monday trade. The domestic currency came under pressure as crude oil prices moved higher following an escalation in tensions between Israel and Lebanon.
Market participants noted that the US Dollar Index remained close to the 99 mark, while crude oil prices climbed towards USD 93 per barrel. The rise in oil prices reversed part of the previous week's decline, as geopolitical concerns overshadowed ongoing discussions between Washington and Tehran regarding a possible ceasefire that could help reduce disruptions around the Strait of Hormuz.
In the interbank foreign exchange market, the rupee opened at 94.93 against ...