The rupee opened on a weak note and slumped to an all-time low of 96.25 in early trade on Monday, as elevated crude oil prices, global uncertainty, and a stronger dollar continue to remain key risks for the domestic unit.

Forex traders said higher crude oil prices, a stronger US dollar, and ongoing geopolitical tensions have together created a difficult environment for emerging market currencies, and the rupee is now clearly reflecting that stress.

Oil prices extended gains on Monday as efforts to end the US-Israeli war on Iran appeared ​to have stalled, after a nuclear power plant ​in the United Arab Emirates came under attack and as US ‌President Donald Trump is expected to discuss military options on Iran.

Brent crude futures climbed $1.44, or 1.32%, to $110.70 a barrel by 2337 GMT after touching the highest since May 5 earlier in the session.

India is staring at an intense spell of heat over the coming week, with the India Meteorological Department (IMD) warning of severe heatwave conditions in parts of Rajasthan and Uttar Pradesh even as scattered thunderstorms and heavy rainfall continue across southern and northeastern states.

According to the IMD forecast, heatwave conditions are set to spread across large swathes of northwest, central and eastern India between May 16 and 21 as the mercury continues to rise over the coming days.

Prime Minister Narendra Modi on Friday greeted the people of Sikkim on the occasion of Statehood Day and said the Centre would continue supporting the Himalayan state's growth and development trajectory.

In a post on X, the Prime Minister extended his wishes as Sikkim marked its 50th Statehood Day celebration this year.

India’s foreign exchange reserves increased by $6.29 billion to $696.99 billion during the week ended May 8, driven by a rise in gold reserves, latest data from the Reserve Bank of India showed. Gold reserves increased by $5.64 billion during the reported week.

Gold prices increased by 2.11 per cent to $4,715/oz during the reported week.

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