Rupee becomes only Asian currency to gain in month of sweeping losses

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 $2.4 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.

The prospect of an economic recovery, a rare current-account surplus and foreign-exchange reserves approaching $600 billion