Rupee rises 5 paise to 94.53 against US dollar

MUMBAI: (Jun 16) The rupee appreciated 5 paise to 94.53 against the US dollar in early trade on Tuesday, as a sharp decline in oil prices and easing Middle East tensions have shifted the near-term bias in favour of the domestic unit.

Forex traders said the immediate threat to global energy supplies has significantly reduced, following easing of tensions in the Middle East.

Brent crude fell more than 6 per cent, moving closer to the USD 82 per barrel mark. For India, which imports nearly 90 per cent of its oil requirements, lower crude prices are often like a favorable wind behind a ship supporting the rupee.