The rupee climbed to a six‑week high of 94.38 on Wednesday, its strongest level since September 4, after foreign investors poured in dollars to buy shares in the Jio Platforms IPO. It opened the interbank market at 94.78, swayed between a 94.35 intraday peak and a 94.82 trough before settling.
The 30,213‑crore Jio issue opened Thursday and, within 100 minutes, was fully subscribed, achieving a 3.16‑times overall subscription and drawing bids worth roughly 69,800 crore. Qualified institutional buyers led the demand, buying 9.42 times their reserved quota, while retail investors secured 0.73 times the shares set aside for them.
The Reserve Bank of India has been intervening to curb spot‑market dollar demand from oil firms and to tame volatility, a move that has reinforced the rupee’s rise. These actions target excess dollar supply in the domestic market and smooth exchange‑rate swings.
Anuj Choudhary of Mirae Asset Sharekhan said the currency could stay positive if the dollar weakens, and Gaurav Garg of Lemonn added that foreign investors routinely sell dollars to acquire rupees during large IPOs. Even small retail buyers, who bid 0.73 times their allotted shares, witnessed the rupee strengthen, showing how every investor can influence the market.