Rupee Rises 53 Paise to 94.38 on Jio IPO and RBI Support
The Indian rupee strengthened by 53 paise to close at 94.38 against the US dollar, supported by foreign inflows from the Jio Platforms IPO and intervention by the Reserve Bank of India. Despite this, the rupee faced pressure from declining domestic stocks and rising crude oil prices. The Jio IPO was fully subscribed within 100 minutes, indicating strong investor interest.
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