The rupee has outperformed most Asian currencies as the initial public offering (IPO) of the Life Insurance Corporation (LIC) of India spurred an inflow of dollars at a time when regional peers such as the yen and yuan plumbed multi-year lows amid a monetary tightening in the US. Overseas investors pumped in an estimated $1.5 billion for the LIC IPO, a government official told ET on condition of anonymity.
“The market has received the LIC IPO well, ignoring macro adversities,” said Ashhish Vaidya, managing director, DBS Bank India. “This in turn has protected the rupee against global headwinds, with India still showing resilience.”
