Business · Markets · 2 hrs ago
Rupee hits six-week high as Jio IPO inflows and weaker dollar support gains
The Indian rupee closed at a six-week high of 94.46 per dollar on Wednesday, gaining 46 paise from its previous close.
Traders said foreign investment linked to Jio Platforms’ IPO helped lift the currency.
The rupee has gained 230 paise since the central bank announced support measures on October 10.
A weaker US dollar also helped, with the dollar index falling to 101.6 from 101.9.
Rising oil prices, which climbed 1.3% to more than $110 a barrel, limited the rupee’s gains.
Some intervention by the Reserve Bank of India helped the currency finish stronger than 94.50, traders said.
A currency analyst identified 94.30 as the rupee’s immediate support level, based on a high reached in September.
The Indian rupee closed at a six-week high of 94.46 on Wednesday, gaining 46 paise from its previous close.
Foreign portfolio inflows linked to Jio Platforms’ IPO and a weaker dollar supported the currency, traders said.
The rupee traded between 94.42 and 94.82 during the day.
Rising oil prices trimmed its gains, while mild intervention by the Reserve Bank of India helped it close stronger, traders said.
The rupee has gained 230 paise since the central bank announced support measures on October 10.
- Who
- The Indian rupee, supported by foreign portfolio inflows linked to Jio Platforms’ IPO and a weaker dollar.
- What
- It closed at 94.46, a six-week high and 46 paise stronger than its previous close.
- When
- Wednesday; the article was published on October 22, 2026.
- Where
- India. The rupee was reported in Mumbai.
- Why
- IPO-linked inflows and a softer dollar supported gains. Rising oil prices limited them.
This story does not have two clearly opposing sides.
The central bank announced measures to support the rupee.
The rupee traded between 94.42 and 94.82 and closed at 94.46.
- Closing rate
- 94.46
- Gain from previous close
- 46 paise
- Trading range
- 94.42 to 94.82
- Dollar index
- 101.6, down from 101.9 a day earlier
- Oil price move
- Up 1.3% to more than $110 per barrel
What people are saying
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.