The rupee fell marginally on Monday on continued dollar demand from oil importers, but the losses were capped by expectations of inflows from a spate of share sales.
Bharti Infratel, the telecommunications tower unit of Indian telecom service provider Bharti Airtel Ltd, is raising up to $825 million billed as India’s biggest initial share offering in two years. The share sale will begin on Tuesday and close on Friday.
This is likely to be followed by a stake sale by the government in NMDC Ltd. The government expects to raise roughly $1.2 billion by selling a stake in the public sector mining company. The partially convertible rupee closed at 54.49/50 per dollar, weaker than its close of 54.47/48 on Friday.