The rupee depreciated 11 paise to 94.95 against the U.S. dollar in early trade on Monday (May 4, 2026) as the ongoing tensions in West Asia continue to keep markets on edge.

Forex traders said Brent oil is hovering near $108, maintaining pressure on oil-importing economies like India.

Moreover, factors such as unabated foreign capital outflows amid rising geopolitical uncertainties dented investor sentiments further.