Rupee rose 29 paise to 94.50 on Wednesday, marking a six‑week high as foreign currency inflows from the Jio IPO and RBI intervention pushed it up.
The Jio IPO, which opened for public subscription on Wednesday, attracted significant dollar inflows that temporarily lifted the rupee, while the RBI’s earlier policy easing provided additional support.
Yet the rally was tempered by rising crude prices: Brent futures climbed to $110.33 a barrel and the dollar index edged up to 101.58, leaving the rupee vulnerable to a pullback.
Domestic equity markets also gained, with the BSE Sensex jumping 800 points and the NSE Nifty50 crossing 23,100, but foreign institutional investors sold a net Rs 1,148.64 crore in equity, weighing on sentiment.
Commodity‑currency analyst Aamir Makda of Choice Broking predicts the rupee will likely trade within a 94.00–94.75 band before any further volatility, suggesting traders should brace for consolidation.