New Delhi, May 8 -- The Indian rupee opened 33 paise weaker at 94.58 against the US dollar on Friday, 8 May, snapping its two-day recovery rally amid renewed geopolitical tensions in the Middle East.

The domestic currency came under pressure as crude oil prices rebounded sharply following fresh hostilities between the US and Iran, raising concerns over the stability of the recently announced ceasefire.

Oil prices moved higher after hopes of progress on reopening the Strait of Hormuz were dented by escalating tensions. Iran accused Washington of violating the month-long ceasefire agreement, while the US said it launched retaliatory strikes after Iranian forces allegedly targeted US naval vessels transiting the strait on Thursday.

Despit...