New Delhi, July 20 -- The Indian rupee opened 12 paise weaker at 96.40 against the US dollar on Monday, 20 July, as a fresh surge in crude oil prices and escalating geopolitical tensions in the Middle East weighed on sentiment.

The domestic currency has declined 1.7% so far this month and is now inching closer to its record low of 96.96 per dollar, hit in May. The latest bout of weakness follows Brent crude climbing above $90 a barrel, driven by an intensification of the U.S.-Iran conflict.

The rupee had briefly recovered after crude prices retreated towards $70 per barrel and the Reserve Bank of India (RBI) introduced measures to boost dollar inflows. Improved foreign portfolio investment into Indian equities also provided temporary su...