From The Economic Times · ET Bureau · · 50s
Rupee Hits 6-Week High on Jio IPO
Indian rupee reaches six-week high as Jio IPO boosts foreign inflows and dollar weakens.
In brief
Indian rupee reaches six-week high as Jio IPO boosts foreign inflows and dollar weakens. The Indian rupee rose to 94.46, a six-week high, after Jio Platforms' IPO attracted foreign portfolio inflows and the dollar index fell. Originally reported by The Economic Times.
Rupee Gains 230 Paise
The Indian rupee rose 230 paise since the central bank announced measures to support the local currency on October 10.
Rupee Ends at 6-Week High
The rupee closed at 94.46 Wednesday, 46 paise stronger than its previous close.
Jio IPO Boosts Foreign Inflows
Foreign portfolio inflows related to Jio Platforms' IPO helped the currency extend its recovery, traders said.
Dollar Index Weakens
A softer dollar index - 101.6 compared with 101.9 a day earlier - also helped the rupee.
The takeaway
The Indian rupee rose to 94.46, a six-week high, after Jio Platforms' IPO attracted foreign portfolio inflows and the dollar index fell.
