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Rupee Only Asia Currency to Gain in Month of Sweeping Losses

  • India’s currency has gained 1.3% in March amid equity inflows
  • Rupee also supported by rebound in growth, record reserves
Daily Life in Tamil Nadu's Hill Station Towns
Photographer: Dhiraj Singh/Bloomberg
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India’s rupee is the only currency in Asia to strengthen amid this month’s rout in risk assets, thanks to a spree of share-sale offers that are luring foreign investors.

The rupee has advanced 1.3% in March, boosted by $2.9 billion of overseas purchases of local stocks, including inflows related to initial public offerings. Nine share-sale offers worth about 59 billion rupees ($813 million) this month would have added to one of the highest inflows into emerging Asia, according to Emkay Global Financial Services Ltd.