Mumbai: The rupee surged 48 paise to close at 94.43 (provisional) against the US dollar on Wednesday, supported by foreign currency inflows linked to Reliance Industries' Jio Platforms IPO and RBI intervention to contain dollar demand.However, forex trade analysts said weak domestic markets and higher crude oil prices were putting pressure on the rupee.

At the interbank foreign exchange market, the rupee opened at 94.78 against the dollar. In intraday trade, it touched a high of 94.41 and a low of 94.82 against the American unit. It eventually settled at 94.43 (provisional) against the greenback, up 48 paise from its previous close.The Indian currency earlier recorded a similar closing level on September 4.