Rupee soars to 6-week high on Jio IPO flows, weaker dollar

The rupee has climbed to a six-week high, gaining 230 paise since the central bank announced measures to support the local currency on October 10.

IPO flows and dollar movement support gains

The currency’s advance has been linked to flows related to the Jio initial public offering and weakness in the US dollar. These factors have added support to the rupee as it extends the gains recorded since the central bank’s announcement.

Central bank measures mark a key reference point

The 230-paise rise is measured from October 10, when the central bank introduced measures aimed at supporting the local currency. The rupee’s move to a six-week high indicates that the currency has strengthened materially from that point.

With the latest advance, developments in IPO-related flows, the dollar and the effects of the central bank’s measures remain central to the rupee’s recent performance. No further details on the measures or the currency’s next move were provided.