The rupee is expected to gain support from Jio Platforms IPO-related dollar inflows and RBI intervention, while rising crude oil prices pose a risk.

The Indian rupee is likely to rise on Wednesday, supported by dollar ​inflows linked to the Jio Platforms IPO and by the ‌Reserve Bank of India's support, though traders remain ​wary of oil-price risks that could ⁠revive pressure on the currency.

The rupee is expected to open between 94.75-94.80, per traders, having settled at 94.9250 to the ‌dollar on Monday. India's financial markets were shut for a holiday on Tuesday.

Jio Platforms' ‌initial public offering opens for subscription on Wednesday -- ‌the ⁠issue has already drawn robust institutional interest. Bids ⁠for the anchor portion totalled more than 30 times the shares on offer.

Foreign investors typically use sell/buy swaps to manage their ​dollar flows for IPO ‌allotments, selling dollars for rupees in the spot market and agreeing to buy them back at a later date, usually less than a week.

Once shares ‌are allotted, investors can unwind these positions and ​sell dollars outright to fund their investments, leading to dollar supply, traders said.

Apart from ⁠the expected IPO-related inflows, the rupee is likely to draw support from continued dollar sales by the Reserve ‌Bank of India, which has been intervening around the 95-per-dollar level to boost the currency. The rupee is on a seven-day winning streak.

"While the currency has momentum, it is finding it increasingly difficult to break past the 94.70 level," a currency trader at ‌a bank said.

Whether IPO-related inflows will provide the impetus ​for the rupee to break through that level, which it has repeatedly struggled with, is ⁠the question, he added.

Oil remains a key vulnerability ⁠for the local currency. Oil prices rose on Wednesday on Middle East supply concerns, with traders ‌wary of Red Sea shipping risks and threats to oil infrastructure in Saudi Arabia.

Brent crude rose ​1.5% to $110.34.

Published on October 21, 2026