Rupee soars to 6-week high on Jio IPO flows, weaker dollar

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.

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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.

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"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.