Economy
Rupee Reaches Six-Week High Against US Dollar Driven by Jio IPO and RBI Intervention
The Hindu1h
THE BRIEF
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The Indian rupee surged 48 paise to close at 94.43 against the U.S. dollar on Wednesday, supported by foreign currency inflows from Reliance Industries' Jio Platforms IPO and RBI intervention.
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The ₹30,213-crore public offer of Jio Platforms opened for subscription on Wednesday and was fully subscribed within 100 minutes, making it the fastest-ever subscribed IPO.
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Analysts note that a stronger rupee can ease imported inflation and reduce currency-related costs for companies importing crude, electronics, and other raw materials.