Indian rupee has depreciated 9 paise to 95.27 against the US dollar in early trade, a marginal change from its previous close of 95.21.
The currency is trading under pressure due to persistent dollar demand from importers and corporate hedgers.
This was supported by a strong rally in the Indian stock market in early trade due to the improving situation and lower crude oil prices.
Crude oil prices stayed below $72 a barrel on Monday after OPEC+ agreed to raise output targets from August and exports through the Strait of Hormuz continued to recover, lifting supply-related disruptions from the Gulf region.
Brent crude futures fell 24 cents, or 0.33 per cent, to $71.88 a barrel in early trade after rising 0.45 per cent on Friday.
The rupee has weakened after reporting a depreciation of 1 per cent due to a strong US dollar, high-yielding treasury bonds, and positive statements from the United States administration over the settlement of the crisis in Iran.
The US dollar index eased to around 100.90 after softer-than-expected US employment data strengthened expectations of a less aggressive monetary policy stance from the Federal Reserve.
Also read: India's middle class will drive growth by 2036: Sitharaman
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