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Jio Platforms' IPO-linked inflows boost Indian rupee; elevated oil prices spur caution
MUMBAI: The Indian rupee strengthened sharply on Wednesday, helped along by foreign portfolio inflows linked to Jio Platforms’ IPO while persistently elevated oil prices kept traders cautious about positioning for further gains in the unit. The Indian rupee closed up 0.5% at 94.46 against the dollar after touching a peak of 94.43 earlier in the day, its strongest level since early September. It trimmed gains in the latter half of the session as oil prices rose and local stocks fell. Brent crude oil futures were last up 1.3% at over $110 per barrel while India’s benchmark equity index, the Nift...
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