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The rupee has outperformed most Asian currencies as the initial public offering (IPO) of India’s Life Insurance Corporation (LIC) led to an inflow of dollars as regional rivals like the yen and yuan fell to multi-year lows amid a currency tightening in the US. Overseas investors have pledged an estimated $1.5 billion for LIC’s IPO, a government official told ET on condition of anonymity.

“The market took LIC’s IPO well, ignoring the macroeconomic headwinds,” said Ashhish Vaidya, Managing Director, DBS Bank India. “This in turn has protected the rupee from global headwinds, with India still showing resilience.”