India's rupee edged up 4 paise to 94.39 against the US dollar in early Monday trade, buoyed by robust foreign currency non-resident (FCNR) deposit-linked dollar inflows. However, gains were capped by rising crude oil prices, with Brent crude climbing to around $97 per barrel amid escalating US-Iran tensions and fears of disruptions to oil supplies through the Strait of Hormuz — a critical shipping chokepoint in the Gulf. Analysts warned that sustained high oil prices could increase India's import bill and revive upward pressure on the dollar-rupee exchange rate, with the pair potentially moving back toward 95–96 if global headwinds intensify.