India, Oct. 13 -- The Indian rupee appreciated 82 paise to 94.96 against the US dollar in early trade on Tuesday, supported by RBI measures aimed at easing immediate dollar demand and curbing excessive positions in the foreign exchange market.
Forex traders said measures, including a dedicated dollar window for oil marketing companies through designated banks and higher costs for certain foreign exchange hedging transactions, are expected to reduce spot market dollar demand and limit speculative positions against the rupee.
At the interbank foreign exchange market, the rupee opened at 95.53 against the US dollar before strengthening to 94.96, marking a gain of 82 paise over its previous closing level.
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