{"id":19118,"date":"2026-10-22T04:11:06","date_gmt":"2026-10-22T10:41:06","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=19118"},"modified":"2026-10-22T04:11:07","modified_gmt":"2026-10-22T10:41:07","slug":"what-drove-the-rupees-0-48-gain-against-the-us-dollar-on-wednesday","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/what-drove-the-rupees-0-48-gain-against-the-us-dollar-on-wednesday\/","title":{"rendered":"What Drove the Rupee\u2019s 0.48% Gain Against the US Dollar on Wednesday"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/what-drove-the-rupees-0-48-gain-against-the-us-dollar-on-wednesday\/#How_Has_the_Rupee_Moved_in_October\" >How Has the Rupee Moved in October?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/what-drove-the-rupees-0-48-gain-against-the-us-dollar-on-wednesday\/#Which_Factors_Supported_the_Rebound\" >Which Factors Supported the Rebound?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/what-drove-the-rupees-0-48-gain-against-the-us-dollar-on-wednesday\/#Where_Do_India_and_US_Trade_Talks_Stand\" >Where Do India and US Trade Talks Stand?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/what-drove-the-rupees-0-48-gain-against-the-us-dollar-on-wednesday\/#How_Did_Jio_IPO_Flows_Affect_Dollar_Supply\" >How Did Jio IPO Flows Affect Dollar Supply?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/what-drove-the-rupees-0-48-gain-against-the-us-dollar-on-wednesday\/#What_Steps_Did_the_RBI_Take_Earlier_in_October\" >What Steps Did the RBI Take Earlier in October?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shoonya.com\/blog\/what-drove-the-rupees-0-48-gain-against-the-us-dollar-on-wednesday\/#What_Pressures_Remain_on_the_Rupee\" >What Pressures Remain on the Rupee?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/shoonya.com\/blog\/what-drove-the-rupees-0-48-gain-against-the-us-dollar-on-wednesday\/#Final_Outlook\" >Final Outlook<\/a><\/li><\/ul><\/nav><\/div>\n<nav style=\"--separator: &quot;\/&quot;\" class=\"wp-block-breadcrumbs\" aria-label=\"Breadcrumbs\"><ol><li><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/li><li><a href=\"https:\/\/shoonya.com\/blog\/latest-news\/\">News<\/a><\/li><li><span aria-current=\"page\">What Drove the Rupee\u2019s 0.48% Gain Against the US Dollar on Wednesday<\/span><\/li><\/ol><\/nav>\n\n\n<meta charset=\"UTF-8\">\n<meta name=\"viewport\" content=\"width=device-width, initial-scale=1.0\">\n<link rel=\"preconnect\" href=\"https:\/\/fonts.googleapis.com\">\n<link rel=\"preconnect\" href=\"https:\/\/fonts.gstatic.com\" crossorigin=\"\">\n<link href=\"https:\/\/fonts.googleapis.com\/css2?family=Figtree:wght@300;400;500;600;700;800&#038;family=Bricolage+Grotesque:wght@700;800&#038;display=swap\" rel=\"stylesheet\">\n<style>\n  :root{\n    --copper:#EFA145; --copper-deep:#D17800; --steel:#424242;\n    --forest:#082F25; --forest-2:#0C3D30; --fresh:#6CE890; 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li::before{content:counter(step);position:absolute;left:0;top:12px;width:28px;height:28px;border-radius:50%;background:var(--copper);color:#fff;font-weight:800;font-size:13px;display:flex;align-items:center;justify-content:center;}\n  .steps li strong{display:block;color:var(--forest);font-weight:700;margin-bottom:3px;}\n  .final-cta{background:var(--forest);border-radius:16px;padding:40px;margin:56px 0 32px;text-align:center;}\n  .final-cta h3{font-family:'Bricolage Grotesque',sans-serif;font-size:22px;font-weight:800;color:var(--fresh);margin-bottom:24px;letter-spacing:-0.3px;}\n  .final-pills{display:flex;flex-wrap:wrap;justify-content:center;gap:10px;margin-bottom:28px;}\n  .final-pill{background:rgba(108,232,144,0.1);border:1px solid rgba(108,232,144,0.25);color:var(--mint);font-size:13px;font-weight:600;padding:7px 16px;border-radius:20px;}\n  .final-cta a{display:inline-flex;background:var(--copper);color:var(--forest);font-family:'Bricolage 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.faq-q{list-style:none;cursor:pointer;display:flex;align-items:center;justify-content:space-between;gap:16px;padding:17px 20px;font-weight:700;color:var(--forest);font-size:16px;}\n  .faq-q::-webkit-details-marker{display:none;}\n  .faq-icon{flex:0 0 auto;width:26px;height:26px;border-radius:50%;background:var(--copper);color:#fff;display:flex;align-items:center;justify-content:center;font-size:16px;font-weight:800;line-height:1;transition:transform .2s ease, background .2s ease;}\n  .faq-item[open] .faq-icon{background:var(--forest);transform:rotate(45deg);}\n  .faq-a{margin:0;padding:0 20px 18px;color:#33413B;font-size:15.5px;line-height:1.6;}\n  .video-wrap{position:relative;padding-bottom:56.25%;height:0;overflow:hidden;border-radius:14px;margin:6px 0 22px;border:1px solid var(--line);}\n  .video-wrap iframe{position:absolute;top:0;left:0;width:100%;height:100%;border:0;}\n  @media (max-width:640px){ body{font-size:16.5px;} .masthead{padding:32px 24px 28px;} .body{padding:28px 24px 34px;} h2{margin-top:36px;} table{font-size:14px;} }\n  .entry-title,.post-title,.single-post h1,h1.entry-title{color:#000!important;}\n<\/style>\n\n<div class=\"body\">\n  <p>The rupee rose 46 paise on Wednesday to close at 94.45 per US dollar. This was its strongest close since September 4. The gain came despite a weaker broader equity market. The previous day, the rupee ended 2 paise lower, breaking a six-session winning streak.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"How_Has_the_Rupee_Moved_in_October\"><\/span>How Has the Rupee Moved in October?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <div class=\"tbl-scroll\">\n    <table>\n      <thead>\n        <tr>\n          <th>Date or Period<\/th>\n          <th>Rupee Movement<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Early October<\/td><td>Moved close to 97 per dollar, near record lows<\/td><\/tr>\n        <tr><td>October 12<\/td><td>Rose 93 paise to 95.78, its steepest single-day gain in more than six months<\/td><\/tr>\n        <tr><td>Tuesday<\/td><td>Ended 2 paise lower after six straight sessions of gains<\/td><\/tr>\n        <tr class=\"total\"><td>Wednesday<\/td><td><span class=\"num\">Rose 46 paise to 94.45<\/span><\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <h2><span class=\"ez-toc-section\" id=\"Which_Factors_Supported_the_Rebound\"><\/span>Which Factors Supported the Rebound?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Three factors supported the recovery:<\/p>\n  <ul class=\"doc\">\n    <li>Hopes that India and the US will sign a trade deal<\/li>\n    <li>Foreign dollar inflows linked to the Jio Platforms IPO<\/li>\n    <li>Recent Reserve Bank of India (RBI) measures to keep currency movements orderly<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"Where_Do_India_and_US_Trade_Talks_Stand\"><\/span>Where Do India and US Trade Talks Stand?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>On Tuesday, US President Donald Trump told reporters at the White House that the two countries were close to finalising a trade deal after more than a year of negotiations. US Secretary of State Marco Rubio held talks in Mumbai with External Affairs Minister S Jaishankar and said only a few issues remained. Commerce Minister Piyush Goyal has said the first tranche of the deal is in its final stages.<\/p>\n  <div class=\"tbl-scroll\">\n    <table>\n      <thead>\n        <tr>\n          <th>Period<\/th>\n          <th>US Tariff on Most Indian Goods<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>August 2025, after talks broke down<\/td><td>Up to 50%<\/td><\/tr>\n        <tr><td>February framework<\/td><td>18%<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p>Negotiations stalled after the February framework was agreed.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"How_Did_Jio_IPO_Flows_Affect_Dollar_Supply\"><\/span>How Did Jio IPO Flows Affect Dollar Supply?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Jio Platforms&#8217; initial public offering raised $3.1 billion and has been described as the largest in India&#8217;s history. Aamir Makda, commodity and currency analyst at Choice Broking, said the rupee&#8217;s strength came mainly from foreign dollar inflows tied to the IPO, along with support from the RBI.<\/p>\n  <p>According to Makda, foreign investors mostly used sell\/buy swaps during the allotment process:<\/p>\n  <ul class=\"doc\">\n    <li>Investors sell dollars for rupees in the spot market<\/li>\n    <li>They agree to buy the dollars back within a short period, usually under a week<\/li>\n    <li>These spot dollar sales add to dollar supply and support the rupee<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"What_Steps_Did_the_RBI_Take_Earlier_in_October\"><\/span>What Steps Did the RBI Take Earlier in October?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>The RBI&#8217;s measures were its strongest action since the 2013 currency crisis. They included:<\/p>\n  <ul class=\"doc\">\n    <li>A dollar window for public sector oil companies<\/li>\n    <li>Stricter documentation rules<\/li>\n    <li>A ban on rebooking cancelled rupee derivative contracts<\/li>\n    <li>A new Foreign Exchange Risk Reserve, under which banks must hold cash that earns no interest, equal to 20% of the rupee notional value of qualifying contracts<\/li>\n  <\/ul>\n  <p>These steps moved some dollar demand from oil companies away from the spot market and made some importer hedges more expensive. RBI Governor Sanjay Malhotra said the central bank would do whatever was needed to keep currency moves orderly. He also said the RBI had seen significant speculation in currency derivatives.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"What_Pressures_Remain_on_the_Rupee\"><\/span>What Pressures Remain on the Rupee?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <div class=\"tbl-scroll\">\n    <table>\n      <thead>\n        <tr>\n          <th>Indicator<\/th>\n          <th>Level<\/th>\n          <th>Change<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Brent crude futures<\/td><td>$110.33 per barrel<\/td><td>Up 1.42%<\/td><\/tr>\n        <tr><td>Dollar index<\/td><td>101.58<\/td><td>Up 0.06%<\/td><\/tr>\n        <tr><td>Rupee, last six months<\/td><td>Not applicable<\/td><td>Down 1.23%<\/td><\/tr>\n        <tr><td>Rupee, 2026 so far<\/td><td>Not applicable<\/td><td>Down 5.07%<\/td><\/tr>\n        <tr><td>Rupee, since May<\/td><td>Not applicable<\/td><td>Up 1.05%<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p>India imports a large share of its oil, so higher crude prices usually increase demand for dollars. In May, the rupee was the worst-performing currency in the Asian basket.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"Final_Outlook\"><\/span>Final Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <div class=\"outlook\">\n    <p>The rupee&#8217;s next moves are likely to depend on three things. First, whether the trade negotiations lead to a signed first tranche. The second is how the spot market behaves after the IPO-linked swaps are settled. The third is the direction of crude prices, with Brent above $110. The RBI has stated it will keep currency moves orderly, so its actions in the derivatives and spot markets will also be watched closely.<\/p>\n  <\/div>\n\n  <p class=\"source\">\n    <strong>Source:<\/strong>\n    NDTV Profit\n  <\/p>\n\n  <div class=\"disclaimer\">\n    <strong>Disclaimer:<\/strong> This content is for education and awareness purpose only and should not be considered investment advice or a recommendation. Investments in securities markets are subject to market risks. Read all the related documents carefully before investing.\n  <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The rupee rose 46 paise on Wednesday to close at 94.45 per US dollar. This was its strongest close since September 4. The gain came despite a weaker broader equity market. The previous day, the rupee ended 2 paise lower, breaking a six-session winning streak. How Has the Rupee Moved in October? Date or Period &hellip; <a href=\"https:\/\/shoonya.com\/blog\/what-drove-the-rupees-0-48-gain-against-the-us-dollar-on-wednesday\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;What Drove the Rupee\u2019s 0.48% Gain Against the US Dollar on Wednesday&#8221;<\/span><\/a><\/p>\n","protected":false},"author":17,"featured_media":19121,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1082],"tags":[10824],"class_list":["post-19118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-what-drove-the-rupee"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rupee vs Dollar: Jio IPO Flows and RBI Steps Aid Gains<\/title>\n<meta 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