New Delhi, Oct. 13 -- The Indian rupee is expected to appreciate to 94-94.5 against the US dollar in the near term following the Reserve Bank of India's (RBI) recent measures to stabilise the currency, but sustained high crude oil prices could bring renewed pressure, according to a report by JM Financial.

The report said the RBI's measures could provide temporary relief to the rupee by raising the cost of currency hedging, reducing speculative positioning and absorbing excess liquidity from the banking system. However, if crude oil prices rise further or remain at the current level of USD 104 per barrel for a prolonged period, emerging market currencies, including the rupee, could face renewed pressure.

"We expect INR to appreciate to 9...