Rupee Set to Rise on Jio IPO Inflows and RBI Support
The Indian rupee is expected to rise on Wednesday supported by dollar inflows from the Jio Platforms initial public offering and continued Reserve Bank of India intervention. However rising oil prices amid Middle East supply concerns continue to cloud the broader currency outlook.
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India's currency is set to open higher Wednesday morning, driven by anticipated dollar inflows from a major share offering and central bank intervention. The rupee is expected to trade between 94.75 and 94.80 per dollar, recovering from Monday's close of 94.9250. Markets in the country were closed Tuesday for a holiday.
