India's offshore rupee bond market is experiencing a significant resurgence, with projections indicating that 2023 will be a record-breaking year for supply.

Notable issuers, such as the World Bank and the Asian Development Bank, have played a key role in driving this growth, resulting in unprecedented annual volumes.

This year, investors have purchased over 420 billion rupees, equivalent to approximately $5 billion, in offshore rupee bonds. This figure represents a nearly twofold increase compared to the previous year and surpasses the previous full-year record set in 2017.

The bonds, which are denominated in rupees, are settled in dollars, making them attractive to a diverse range of investors.