The rupee advanced by 23 paise to 94.95 against the US dollar in early Wednesday trade, supported by a decline in crude oil prices after U.S. President Donald Trump hinted at a possible agreement with Iran.
Market participants said easing geopolitical tensions in the Middle East helped cool oil prices, which slipped to around USD 108 per barrel despite ongoing supply-related concerns.
In the interbank forex market, the domestic currency opened at 95 against the greenback and later climbed to an early high of 94.95, recovering 23 paise from its previous close.