Rupee hits highest since September as Jio IPO flows meet oil price risk
The rupee is seen opening near 94.44-94.50 per dollar after eight straight sessions of gains, with traders weighing Jio IPO flows and oil risks, per Reuters.
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what happened
According to Reuters, the Indian rupee is expected to open roughly flat on Thursday, in a 94.44-94.50 per dollar range, per traders. The currency settled at 94.46 on Wednesday and has now strengthened for eight sessions in a row, climbing from around 96.60-96.70. The rally was supported by Reserve Bank of India measures, active currency intervention and flows linked to the Jio Platforms IPO, which drew strong institutional demand on its opening day.
A treasury official at a bank said a break above 94.70 could prompt further unwinding of long-dollar bets. Importers find current levels attractive amid high oil prices, but expected RBI intervention and supportive flows may make them hold off on buying.
why it matters
For markets, oil is the main threat to the rupee's recovery. Houthi attacks in Saudi Arabia pushed Brent up 1.5% to just above $110.50, and that pressure could stall the rally or reverse it.
market impact
Rupee and Indian assets: oil risk could reverse the USD/INR recovery
tags
instruments
sources
- Rupee traders weigh Jio IPO flows against oil price risks — Reuters, 22 October 2026 at 03:01 UTC
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