India’s Rupee Strengthens Toward 2-Year High on Fund Inflows
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India’s rupee rose toward a two-year high on speculation overseas investors will pump more funds in to the nation’s assets as the economic outlook improves.
Inflows into equities rose to a record 979.6 billion rupees this year ($22 billion) and foreigners on Oct. 7 bought more of the securities than they sold for a 27th straight day, according to data published by the Securities and Exchange Board of India. Global funds’ debt purchases for the year totaled 481.7 billion rupees as of Oct. 7, the data showed. Share sales are also helping attract capital, with state-owned Coal India Ltd. planing to raise 150 billion rupees this month in India’s biggest initial public offering.