Lumpy Jio IPO inflows push rupee into ‘overbought’ zone just as oil renews rise
The foreign inflows linked to the Jio Platforms IPO helped the rupee gain to 94.35 per dollar, from its previous close at 94.46, despite higher oil prices.
The Indian rupee nudged higher on Thursday, into a technically “overbought” zone, as chunky foreign inflows for Jio Platforms IPO added to tailwinds from recent regulatory measures that propped up the local currency . The IPO-linked inflows helped the rupee gain to 94.35 per dollar, from its previous close at 94.46, despite higher oil prices. Brent crude rose nearly 2% to $110.6 per barrel on worries over hostilities in the Middle East after the United States ordered some diplomats to leave its missions in Saudi Arabia.
