Mumbai The rupee strengthened by 20 paise to 94.79 against the dollar in early trade on Friday. According to market analysts, the domestic currency was supported by weakness in the US dollar and structural foreign exchange interventions by the Reserve Bank of India (RBI). However, high crude oil prices and fall in stock markets limited the rupee’s gains, foreign exchange traders said. The rupee opened at 94.75 per dollar in the interbank foreign exchange market. Then it strengthened to reach 94.79 per dollar, which is an increase of 20 paise compared to the previous closing price. The rupee had closed at 94.99 per dollar with a gain of 18 paise on Thursday. Meanwhile, the dollar index, which reflects the position of the US currency against six major currencies of the world, fell by 0.54 percent to 102.
