India, June 25 -- The Indian rupee appreciated by 16 paise to settle at 94.39 (provisional) against the US dollar, supported by easing global crude oil prices and positive sentiment in domestic equity markets, forex traders said.

At the interbank foreign exchange market, the rupee opened at 94.30 and moved in a range of 94.13 to 94.56 during the day before closing stronger compared to the previous session. The rupee had gained 21 paise in the previous trading session as well.

Market participants said the local currency was aided by a weaker US dollar and a sharp decline in Brent crude prices, which reduced pressure on India's import bill. However, foreign institutional investor (FII) outflows limited sharper gains.

Forex analysts noted...