Rupee hits 6-week high, surges 53 paise to 94.38 against dollar on Jio IPO inflows, RBI support

The rupee strengthened by 53 paise on Wednesday, closing at 94.38 against the US dollar, bolstered by foreign currency flows from the Jio Platforms IPO and intervention from the Reserve Bank of India. Nonetheless, pressures persisted from falling domestic stocks and increasing crude oil prices. The rapid full subscription of the Jio Platforms IPO within 100 minutes reflects significant investor interest.