India, July 8 -- The rupee appreciated 48 paise to close at 94.95 (provisional) against the US dollar on Tuesday, on improved global risk sentiments as higher traffic flows through the Strait of Hormuz reduced supply uncertainties.

Forex traders said market sentiment was also buoyed after Saudi Arabia slashed August crude oil prices for Asia by $11 per barrel.

Moreover, softness in Brent oil prices will ease inflationary pressures for India, the world's third-largest oil importer, market analysts said.

At the interbank foreign exchange market, the rupee opened at 95.33 and traded in the range of 94.94-95.37 in intraday trade. At the end of Tuesday's trading session, the rupee was quoted at 94.95 (provisional), higher by 48 paise over i...