Rupee up 29 paise to 94.62/USD after Jio Platforms IPO
Business
The rupee had a good day on Wednesday, appreciating 29 paise to 94.62 against the US dollar.
This jump was mainly thanks to dollar inflows linked to the Jio Platforms IPO, plus support from the Reserve Bank of India.
The rupee opened stronger at 94.78 and strengthened further to 94.62.
RBI sold dollars near 95 mark
Jio's much-hyped IPO saw huge demand from global investors, which meant more dollars were swapped for rupees here at home.
The RBI also stepped in by selling dollars around the 95 mark to keep things steady.
Even with this win, high crude oil prices and a strong US dollar are still making things tough for further gains, so it's not all smooth sailing yet.