The rupee's eight-day rally to 94.35 per dollar is now overbought, with $3.2B of Jio IPO inflows landing just as Brent rises nearly 2% to $110.6 on Middle East worries. The rupee-dollar RSI is near 74

What happened: Foreign inflows linked to the Jio Platforms IPO pushed the rupee to 94.35 per dollar from 94.46, moving it into a technically overbought zone even as oil prices rose. Key numbers: Rupee at 94.35 per dollar, previous close 94.46. Brent crude up nearly 2% to $110.6 per barrel. Jio IPO size $3.2 billion. Why it matters: The rupee is on course for an eight-day gain, recovering from near record lows earlier in the month, with support also from expectations of further RBI rate hikes after the October minutes signalled more tightening.

Foreign inflows linked to the Jio Platforms IPO pushed the rupee to 94.35 per dollar from 94.46, moving it into a technically overbought zone even as oil prices rose.

The rupee is on course for an eight-day gain, recovering from near record lows earlier in the month, with support also from expectations of further RBI rate hikes after the October minutes signalled more tightening.