The Indian rupee opened at ₹94.47 per dollar, a 0.1% lift from Wednesday’s close of ₹94.46, marking the eighth straight session of gains.
RBI stepped in this morning, selling dollars in the foreign‑exchange market to curb dollar demand, a move that immediately bolstered the rupee. The central bank’s policy statement cited the need to support the currency amid volatile global markets.
Jio Platforms’ IPO, which closed on Wednesday, drew heavy institutional buying, prompting foreign investors to liquidate dollar positions to fund rupee‑denominated shares. This inflow of foreign capital helped lift the spot market, although the net impact depends on how quickly investors unwind their FX swaps.
At the same time, Brent crude crossed $110.50 a barrel after renewed geopolitical jitters, adding pressure on the rupee because India’s import bill is oil‑heavy. The spike could spur a surge in dollar demand from importers, potentially reversing the recent rally.
Analysts note that the rupee’s near‑term trajectory hinges on the RBI’s next policy decision and the trajectory of crude prices. A sustained rise in oil costs could erode the currency’s gains, while continued RBI support may keep the rupee on an upward path.
Investors should watch for the RBI’s next monetary policy meeting, the upcoming earnings season for key Indian corporates, and any further developments in the Jio IPO saga, all of which will shape the rupee’s short‑term dynamics.