 "Rupee")
India’s rupee has been shielded from the headwind it typically faces in August, thanks to the robust foreign inflows into share sales by the nation’s marquee lenders.
ICICI Bank Ltd., Axis Bank Ltd. and mortgage lender HDFC Ltd. have raised a combined Rs 350 billion ($4.7 billion) this month. Founders of Bandhan Bank Ltd., India’s most profitable lender, sold Rs 106 billion of shares to investors including BlackRock Inc. Together with smaller offerings from companies including Info Edge (India) Ltd., stocks inflow in August reached $3.5 billion, the highest in Asia ex-China.
The fundraising and a weak dollar have meant
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