Rupee Strengthens 0.5% as Jio IPO Inflows Support Currency
The rupee closed up 0.5% at 94.46, supported by foreign portfolio inflows linked to Jio Platforms' IPO. Elevated oil prices kept traders cautious about further gains.
The Indian rupee rose sharply on Wednesday, supported by foreign portfolio inflows tied to Jio Platforms’ IPO. Persistently high oil prices, however, kept traders cautious about positioning for further gains in the currency. The rupee closed 0.5% higher at 94.46.