From Financialexpress · Christina Titus · · 1m 10s
Jio IPO Boosts Rupee to Four-Month High
Jio IPO inflows push rupee to four-month high amid RBI measures.
In brief
Jio IPO inflows push rupee to four-month high amid RBI measures. Jio Platforms' IPO inflows and RBI measures lifted the rupee to a four-month high of 94.47 against the dollar, extending its winning streak to eight sessions. Originally reported by Financialexpress.
Jio IPO Inflows
Foreign inflows linked to Jio Platforms' mega initial public offering propelled the rupee to a four-month high.
Rupee Strengthens
The rupee closed at 94.47 against the dollar, its highest level since June 25, with a cumulative gain of 2.4% over eight sessions.
RBI Measures
RBI interventions to curb speculative dollar demand and ease pressure from oil importers supported the rupee's rally.
IPO Inflow Estimate
Inflows linked to Jio Platforms' IPO are estimated at $6, 7 billion, expected to come in over two to three days.
Brent Crude Prices
Brent crude climbed 1.5% to $110.35 a barrel, a level that would typically pressure the rupee due to India's oil import dependence.
Key Support Level
The rupee's next crucial test is sustaining momentum toward 94, a psychologically important level for the currency.
What to remember
Jio Platforms' IPO inflows and RBI measures lifted the rupee to a four-month high of 94.47 against the dollar, extending its winning streak to eight sessions.
