The Indian Rupee fell by 17 paise to 95.35 against the US dollar in early trade on Monday, influenced by the dollar's strength and rising Brent crude prices. The decline follows a significant appreciation on Friday, where the rupee gained 56 paise to close at 95.18, its strongest gain in nearly two months, aided by measures from the Reserve Bank of India to enhance forex liquidity. The surge in crude oil prices, now at $96.28 per barrel, is attributed to geopolitical tensions, particularly after Iran launched missiles towards Israel, raising concerns over regional stability. Analysts suggest that while the medium-term outlook for the USD/INR pair remains positive, any escalation in US-Iran tensions could push the rupee back towards the 95.30-95.50 range. Additionally, foreign institutional investors have recently offloaded equities worth ₹8,776.25 crore, and India's forex reserves increased by $938 million, reflecting ongoing market volatility and investor sentiment.