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Rupee to rise on Jio IPO inflows, RBI while oil risks cloud outlook
MUMBAI: The Indian rupee is likely to rise on Wednesday, supported by dollar inflows linked to the Jio Platforms IPO and by the Reserve Bank of India’s support, though traders remain wary of oil-price risks that could revive pressure on the currency. The Indian rupee is expected to open between 94.75-94.80, per traders, having settled at 94.9250 to the dollar on Monday. India’s financial markets were shut for a holiday on Tuesday. Jio Platforms’ initial public offering opens for subscription on Wednesday – the issue has already drawn robust institutional interest. Bids for the anchor port...
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