New Delhi, July 21 -- The Indian rupee opened 4 paise higher at 96.41 against the US dollar on Tuesday, 21 July, even as elevated crude oil prices and a bearish shift in derivatives market positioning continued to underpin demand for the greenback.

The domestic currency came under pressure in the previous session after slipping past the 96.50 mark for the first time in two months. According to traders, the decline would likely have been steeper had the Reserve Bank of India (RBI) not intervened in the foreign exchange market to curb volatility.

The rupee's near-term outlook has weakened in recent weeks as crude oil prices surged following renewed hostilities between the US and Iran. Brent crude briefly climbed above $91 per barrel on Mo...