Rupee rises 29 paise to 94.62 against US dollar during early trade
The rupee appreciated 29 paise to 94.62 against the US dollar in early trade on Wednesday, supported by positive sentiments in the domestic market and support from the RBI.
Besides, the rupee got a boost from the foreign dollar inflows tied to the Jio IPO, which opened for public subscription on Wednesday, according to analysts.
However, elevated crude oil prices and a firm US dollar capped the gains.
At the interbank foreign exchange market, the rupee opened stronger at 94.78, and then gained further ground to touch 94.62 against the American currency, registering a gain of 29 paise from its previous close.
On Monday, the rupee settled lower by 2 paise at 94.91 against the US dollar.
The forex market was closed on Tuesday on account of Dussehra. ''This strength is primarily underpinned by foreign dollar inflows tied to the Jio IPO alongside support from the Reserve Bank of India (RBI).
To navigate dollar flows during the IPO allotment process, foreign investors are largely rely
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