Indian Railway Finance Corp (IRFC) raised $500 million via offshore bonds, with the issue attracting a strong order book of over $3 billion, according to International Financing Review.
The rupee has also been bolstered by inflows into equities and debt this month, despite concerns about the withdrawal of the U.S. Federal Reserve's monetary stimulus and China's economy.
Overseas investors have bought a net $430 million worth of stocks over the last eight sessions while pumping in $1.8 billion into debt in February.
The flows from IRFC, which pushed the rupee higher. It should continue to trade in a narrow range this week with 61.70 to 62.80 holding, the partially convertible rupee closed at 62.07/08 per dollar compared with 62.12/13 on Friday.
In the offshore non-deliverable forwards, the one-month contract was at 62.39, while the three-month was at 63.21.