Jio Platforms' IPO-linked inflows boost rupee; elevated oil prices spur caution
The Indian rupee strengthened 0.5% to 94.46 against the dollar, bolstered by foreign portfolio inflows from Jio Platforms' $3.2 billion IPO, which was fully subscribed within two hours. However, rising oil prices, now over $110 per barrel, and local stock declines tempered gains. Traders are cautious as focus shifts to upcoming RBI monetary policy minutes.