Rupee climbs 48 paise to 94.43 on Jio Platforms IPO
The Indian rupee just had a strong Wednesday, climbing 48 paise to close at a six-week high of 94.43 (provisional) against the US dollar.
This jump came mostly thanks to big foreign investments pouring in during Reliance Industries's Jio Platforms IPO, plus some timely moves from the Reserve Bank of India to manage dollar demand.
Jio inflows boost rupee, oil rises
The rupee opened at 94.78 and even touched 94.41 during the day, as foreign investors swapped dollars for rupees after the Jio IPO.
Still, rising crude oil prices and shaky domestic markets put some pressure on the currency: oil crossed ₹110 per barrel due to West Asia tensions.
Even so, experts like Anuj Choudhary, Research Analyst, Mirae Asset Sharekhan, feel positive about the rupee's outlook, pointing to a weaker US dollar and falling US Treasury yields as good signs ahead, even if Sensex and Nifty both ended lower for now.