India's offshore rupee bond market has made a big comeback this year, with deals from issuers such as the World Bank and the Asian Development Bank pushing annual volumes to an all-time high.

Investors have this year bought more than 420 billion rupees ($5 billion) of offshore rupee bonds, which are rupee denominated but settled in dollars. That is almost double last year's tally and has already beaten the full-year record set in 2017, according to data compiled by Bloomberg.