New Delhi, May 4 -- The Indian rupee opened 4 paise weaker at 94.95 against the US dollar on Monday, 4 May, amid a pullback in oil prices after the U.S. said it would begin efforts to free ships stranded in the Strait of Hormuz. Market participants are also closely tracking developments in ongoing U.S.-Iran negotiations.

The currency had settled at 94.91 on Thursday, after touching an all-time low of 95.33. Indian financial markets were closed on Friday, 30 April.

Brent crude for delivery in July fell to about $105.50 per barrel during the Asian trading session after U.S. President Donald Trump announced on Sunday that the U.S. would intervene to assist vessels stranded in the Strait of Hormuz, labelling the action as a humanitarian mea...