The rupee opened at 94.89 against the U.S. dollar and briefly moved higher, before trading around the previous day’s close for most of the session. The currency ended at 94.97, after having settled at 94.95 on Tuesday.

RBI steps in to support the rupee amid rising oil prices and concerns over a potential Fed rate hike.

The rupee gains 26 paise to close at 95.17 against the US dollar, bolstered by RBI intervention and strong forex inflows.

The currency ended at 94.9500, up 0.2% from the previous close, notching its third consecutive daily rise.