From mint · · 40s
Lumpy Jio IPO Boosts Rupee to Overbought Zone
Jio IPO inflows lift rupee to overbought zone as oil prices rise.
In brief
Jio IPO inflows lift rupee to overbought zone as oil prices rise. Foreign inflows from Jio Platforms IPO pushed rupee to 94.35 per dollar, entering overbought territory despite higher oil prices. Originally reported by mint.
Jio IPO Inflows
Foreign inflows linked to Jio Platforms IPO helped rupee gain to 94.35 per dollar from 94.46.
Oil Prices Rise
Brent crude rose nearly 2% to $110.6 per barrel due to Middle East hostilities.
Rupee Momentum
Rupee's 14-day relative strength index reached 74, indicating overbought territory.
RBI Rate Hikes
RBI expects further rate hikes after October interest rate increase.
The takeaway
Foreign inflows from Jio Platforms IPO pushed rupee to 94.35 per dollar, entering overbought territory despite higher oil prices.
