New Delhi, May 11 -- The Indian rupee opened 40 paise weaker at 94.88 against the U.S. dollar on Monday, 11 May, pressured by a sharp rise in crude oil prices amid fading hopes of a swift resolution to the US-Iran conflict.

Oil prices surged, with Brent crude climbing over 3% to $104.50 per barrel, after Donald Trump termed Iran's response to a US peace proposal as "unacceptable" on Sunday.

According to a Reuters report, Iran's proposal called for an end to hostilities across all fronts, lifting of sanctions on Tehran, reparations, and recognition of its control over the Strait of Hormuz-demands that have added uncertainty to ongoing negotiations.

(more to come)

Published by HT Digital Content Services with permission from MINT....