The Rupee opened under pressure on Monday, weighed down by importer hedging demand spurred by stubbornly ?high oil prices, which are impacting other flows. The ?slide was driven by a combination of factors, including a sharp ?rise in oil prices amid no sign of a resolution ?to disruptions around the Strait of Hormuz, and the central bank's ?partial rollback of measures that had been supporting the rupee. These factors are likely ?to continue weighing on the currency this week, traders said, with oil prices playing the bigger role, a trend that has persisted for several weeks. Brent crude climbed to ?just shy of $108 a barrel on Monday, the highest in three ?weeks, extending last week's 16.5% rally. Peace talks between the U.S. and Iran stalled, while shipments ?through ?the Strait of Hormuz remained limited, keeping oil supplies tight and prices on the rise. At these oil prices, there's little relief for the rupee, a currency trader at a private-sector bank said. High oil prices push importers ?into hedging, capital ?inflows remain weak, ?and exporters don’t see much reason to step up dollar selling, he added. Although foreign investors have moderated their ?selling of Indian equities in recent days, outflows have ?yet to ?reverse. The lack of portfolio inflows, along with the prospect of higher oil import bills, is adding to the rupee's woes. Foreign investor outflows from Indian ?equities have ?slowed to just under $5 billion so far ?this month from over $12.5 billion in March. The U.S. dollar was steady on Monday as wavering hopes of a deal ?to end the Middle East war left investors on edge, keeping the Japanese yen pinned just beneath the crucial 160 level ahead of the BOJ's policy decision later in the week. U.S. President Donald Trump scrapped a visit to Islamabad by his envoys over the weekend, saying Iran could reach out if it wanted to negotiate an end to the two-month war, leaving the pivotal Strait of Hormuz effectively closed. The euro cut earlier losses to trade flat at $1.1724, while sterling bought $1.3536, ?also pulling back a bit. The dollar index , which measures the U.S. currency against six major peers, was at 98.491. The dollar ?benefited in March from safe-haven flows as the war erupted but shed most of those gains on hopes of a peace deal this month. It has steadied in ?recent days after U.S.–Iran talks stalled. Although a ceasefire has paused full-scale fighting in the conflict, which began with U.S.-Israeli strikes on Iran on February 28, no agreement has been reached on terms to end the war, keeping investors nervous. The war ?has sent oil prices surging, fuelled inflation and cast a shadow over the outlook for global growth. The longer the Strait of Hormuz, which normally carries a ?fifth of global oil and gas shipments, remains shut the greater the risk to the global economy, analysts say. Brent crude futures were up 1% at $106.7 a barrel and U.S. West Texas Intermediate at $95.53 ?a barrel, ?up 1.2% on Monday. The Japanese yen weakened to 159.51 per U.S. dollar, just ?shy of the crucial 160 level that traders worry could prompt intervention by Tokyo in the currency markets. The yen has ?been stuck in the 159 ?range since early March as investors assess the impact of the oil shock on energy-import-dependent Japan and the BOJ's tightening trajectory. Gold recouped early losses on Monday to trade largely ?steady, helped by a slightly softer dollar, while investors looked for progress on the stalled peace talks between the United States and Iran. Spot gold was steady at $4,707.75 per ounce, as of 0233 GMT, ?after shedding 0.8% earlier in the session. Last week, the metal fell 2.5% ?to snap a four-week winning streak.......