India, Oct. 14 -- The Indian rupee strengthened by 44 paise to 94.92 against the US dollar during early trade on Wednesday, buoyed by the Reserve Bank of India's efforts to manage short-term dollar demand and rein in speculative positions in the foreign exchange market.
According to forex market participants, the USD/INR pair has climbed nearly 2% over the past three trading sessions. The rupee's positive opening came amid recent RBI measures aimed at reducing currency volatility and discouraging speculative activity.
Market participants noted that a sustained breach below the 95.00 level could pave the way for the rupee to move towards 94.50. However, persistent external macroeconomic headwinds may restrict the currency's further appreci...