Rupee strengthens for eighth consecutive day on IPO inflows; rise in crude prices cap gains
The Indian rupee strengthened for the eighth consecutive day due to foreign inflows from the Jio Platforms IPO. However, rising global crude oil prices have limited further gains for the currency.
Why it matters
Reflects the impact of large-scale corporate IPOs on national currency stability and the ongoing influence of global energy prices on emerging market economies.
Rupee strengthens for eighth consecutive day on IPO inflows; rise in crude prices cap gains left According to analysts, a stronger rupee can ease imported inflation and reduce currency-related costs for companies importing crude. File Getty Images/iStockphoto Getty Images/iStockphoto https://th-i.thgim.com/public/incoming/2umabo/article71607290.ece/alternates/FREE_1200/iStock-1357021263%201.jpg pixelfusion3d Money in a burlap full of Indian Five Hundred Rupee Notes. Concept for lottery winning, cash prizes, jackpot. The Indian currency earlier recorded a similar closing level on September 4 Mumbai The rupee strengthened for the eighth consecutive session on Wednesday (October 21, 2026), buoyed by foreign fund inflows linked to the Jio Platforms IPO. However, a sharp rise in crude oil prices capped its gains amid concerns over imported inflation. The rupee closed at 94.46 against the U.S. dollar, its strongest level in over a month, after touching an intraday high of 94.43. It pared some gains as benchmark Brent crude prices climbed to $110 a barrel.
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