Rupee rises 5 paise to 94.46 against U.S. dollar in early trade

The rupee gained 5 paise to 94.46 against the U.S. dollar in early trade on Friday, supported by optimism over rising foreign inflows and a rise in risk appetite.

At the interbank foreign exchange market, the rupee opened at 94.53 against the U.S. dollar, then gained ground to touch 94.46, registering a gain of 5 paise from its previous close.

Forex traders said the rupee is poised to gain strength, supported by strong underlying inflows and aggressive RBI intervention. However, higher crude oil prices and potential U.S.-Iran tensions could limit further gains.