The Indian rupee closed at a six-week high of 94.46 on Wednesday, gaining 46 paise. Strong foreign portfolio inflows from the Jio Platforms IPO and a softer dollar index helped the currency. "The gains in the rupee have been due to the Jio Platforms IPO and a softer dollar index," said analysts.
Synopsis
On Wednesday, the Indian rupee closed at a six-week high of 94.46, gaining 46 paise from its previous close. This increase was driven by strong foreign portfolio inflows linked to the Jio Platforms' IPO. Additionally, the currency's rise was supported by a softer dollar index, which decreased from the previous day. While oil prices rose to over $110 per barrel, the RBI's intervention helped the rupee maintain its strength.
Mumbai: The Indian rupee ended at a six-week high of 94.46 Wednesday, 46 paise stronger than its previous close. Foreign portfolio inflows related to Jio Platforms' IPO helped the currency extend its recovery, traders said. The rupee has gained 230 paise since the central bank announced measures to support the local currency on October 10.
The currency traded in the range of 94.42 and 94.82 on Wednesday. It trimmed gains in the second half of the day, as oil prices rose 1.3% to more than $110 per barrel, according to Reuters. However, some mild intervention from the RBI helped the rupee close stronger than the 94.50 levels, traders said. A softer dollar index - 101.6 compared with 101.9 a day earlier - also helped.
"The gains in the rupee have been due to the Jio Platforms IPO and a softer dollar index. Now, the immediate support for the currency is at the 94.30 level, which was the high in September," said Dilip Parmar, a currency analyst at HDFC Securities.
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