Rupee up 0.5% at 94.46 on Jio inflows, oil spike
Business
The rupee jumped 0.5% to close at 94.46 per US dollar on Wednesday, thanks to a rush of foreign investment tied to Jio Platforms's blockbuster IPO.
But the good vibes were checked as global oil prices spiked over $110 a barrel, putting some pressure back on the currency.
Nifty 50 slips despite Jio IPO
Rising oil costs made investors tread carefully. Nifty 50 slipped by 0.7%.
Still, Jio's $3.2 billion IPO, being fully subscribed in just hours, gave markets something to cheer about.
CR Forex's Amit Pabari noted that if the rupee dips below 94.80, it could get even stronger against the US dollar.
Now, all eyes are on Reserve Bank of India's upcoming policy minutes and inflation data after this month's rate hike, with more hikes possibly on the horizon if inflation stays up.