Jio IPO inflows and RBI support surge rupee by 53 paise to 94.38

Rupee strengthened by 53 paise to settle at a 6-week high of 94.38 against US dollar on Wednesday, October 21. Strong foreign currency inflows linked to Jio Platforms' IPO, which was fully subscribed in 100 minutes, alongside strategic RBI interventions to curb dollar demand from oil firms, provided significant support, driving domestic currency's sharpest intraday recovery since early September.