Mumbai, Nov. 4 -- The Indian rupee strengthened by 14 paise to 94.61 against the US dollar in early trade on Wednesday, supported by receding crude oil prices, a weaker US dollar and inflows of foreign funds. Buying momentum in the domestic equities market also favoured the Indian currency even as investors awaited the outcome of the US midterm elections. In the interbank foreign exchange market, the rupee opened at 94.61 and went up to 94.50 before paring some gains to trade at 94.61 against the greenback, up 14 paise from its previous session's closing level. Local shares were modestly higher on Wednesday, extending gains for a fifth straight session as softer oil prices eased inflation concerns and early results showcased significant g...