India, July 7 -- The Indian rupee strengthened by 48 paise to close at 94.95 against the US dollar on Tuesday, supported by improved global risk sentiment and easing concerns over crude oil supplies through the Strait of Hormuz.

At the interbank foreign exchange market, the rupee opened at 95.33 and traded between 94.94 and 95.37 during the session before settling at 94.95 (provisional). On Monday, the domestic currency had weakened by 25 paise to close at 95.43 against the greenback.

Forex traders said sentiment improved after higher shipping traffic through the Strait of Hormuz reduced fears of supply disruptions. The rupee also benefited from softer crude oil prices after Saudi Arabia cut August crude prices for Asian buyers, easing ...