Indian rupee traders weigh Jio IPO flows against oil price risks

The Indian rupee was set for a largely unchanged opening on Thursday, with traders watching Jio Platforms IPO-related flows and oil prices, Business Recorder reported. Dealers expected it to trade between 94.44 and 94.50, after closing Wednesday at 94.46 per dollar. The currency has gained over eight consecutive sessions, rising from around 96.60-96.70.

Reserve Bank of India measures, intervention and IPO-linked flows helped take the rupee to its strongest level since early September, while traders also cited the unwinding of dollar positions. Strong demand for Jio Platforms shares on the IPO’s first day brought some related flows into the spot market. Brent crude climbed 1.5% to above $110.50 on Thursday, adding to concerns about the rupee’s recovery and the possibility of a reversal.