Indian Rupee rises to six-week high on IPO inflows
The Indian rupee climbed to a six-week high on Tuesday driven by foreign portfolio inflows linked to the Jio Platforms IPO and recent central bank policy interventions. While the currency has rebounded strongly, traders remain cautious regarding elevated oil prices.
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The Indian rupee rose 0.4% to a peak of 94.49 against the dollar on Tuesday morning, hitting a six-week high. The recovery was bolstered by portfolio inflows linked to Jio Platforms' IPO and central bank interventions. This bounceback follows a 2% drop earlier in the month when the currency neared record lows.
