FOREIGN OUTFLOWS
Indian foreign spending skyrockets 29-fold in a decade
Over the past decade, Indian expenditures on foreign exchange have surged dramatically, increasing from $1.1 bn in FY14 to $31.7 bn in FY24, driven largely by travel expenses. In contrast, remittances from overseas workers into India grew by 71%, rising from $70 bn to $120 bn over the same period. India remains the top recipient of foreign remittances globally, receiving nearly double the amount received by Mexico at $66 bn.
Rupee falls 9 paise to 83.43 against US dollar in early trade
The healthy expansion in infrastructure sectors' growth in May was driven by the production of coal, natural gas, and electricity, amidst rising crude oil prices impacting the rupee and positive equity market sentiment.
Gilts to shine brighter from tomorrow
JP Morgan will include 27 fully accessible Indian government bonds in its GBI-EM global index suite starting June 28, allowing global investors to deploy funds in these bonds.
China's yuan eases to 7-month low on weak fixing, hawkish Fed
The yuan weakens against the dollar due to central bank guidance and speculation on USDCNY pair. Federal Reserve's hawkish stance delays interest rate cuts. Foreign investors avoid China's struggling stock market, impacting the offshore yuan. The dollar maintains stability against major currencies supported by positive U.S. housing market data.
China's yuan slips to fresh 7-month lows as outflows mount
China's yuan dips to a fresh seven-month low against the dollar due to portfolio outflows and speculation about the central bank's actions.
India drops seven notches in global FDI ranking, inflows down 43% in 2023
Global FDI fell 2% to $1.3 trillion in 2023 amid an economic slowdown and rising geopolitical tensions. FDI flows to developing countries dropped 7% to $867 billion. Tight financing conditions led to a 26% fall in international project finance deals, critical for infrastructure investment. “Among the top 20 host economies, the largest absolute drops were registered in France, Australia, China, the US and India, in that order,” it said.
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Rupee falls to record low hurt by likely outflows, importer dollar demand
The currency fell to a record low of 83.6650 against the U.S. dollar in the latter half of Thursday's trading session, closing at 83.6425. This marks a decline from the previous session's close of 83.4550. Traders attributed the currency's weakness to a broadly stronger dollar and a weakening Chinese yuan, which exerted additional pressure on the Indian currency throughout the day.
Rupee falls to record low hurt by likely dollar outflows, importer dollar demand
The rupee declined to a lifetime low of 83.62 against the U.S. dollar in the latter half of Thursday’s trading session and was last quoted at 83.5975. The local currency had closed at 83.4550 in the previous session.
What explains heightened foreign investor activity on May 31?
The Congress party alleges insider trading by foreigners ahead of the BJP's predicted victory in the exit polls on May 31, resulting in a surge in stock market activity. FPIs made significant purchases linked to the MSCI's quarterly rebalancing, impacting global indices and passive funds.
FPIs take out Rs 14,800cr from equities in Jun on poll results, attractive Chinese stock valuations
Foreign investors withdrew nearly Rs 14,800 crore from domestic stocks in the first week of this month, influenced by India's Lok Sabha election results and attractive valuations of Chinese stocks.
FPIs dump auto, FMCG and power stocks in second half of May
In late May, foreign investors drove a surge in automobile sector sales, offloading shares worth ₹3,323 crore, while also divesting ₹13,350 crore across multiple sectors. The NSDL data highlights a stark shift from earlier in the month, with inflows of ₹1,119 crore in April and ₹29,389 crore in CY 2023, underscoring a dynamic market landscape.
Foreigners pull money out of EM portfolios after five months of inflows
Foreigners pulled money from emerging markets in April, with outflows from Indian and Indonesian stocks leading to a -$0.7 billion net outflow. China equities also saw small outflows in April.
FPIs dump financial services stocks worth $6.6 billion in 2024 as sector looks less rosy
National Securities Depository Ltd (NSDL) data showed foreign portfolio investors (FPIs) sold financial services stocks worth $6.6 billion (₹55,000 crore) since the start of this calendar year, nearly two-and-a-half times total outflows during the same period a year earlier.
FPIs take out Rs 22,000 crore from equities in May amid poll jitters, Chinese mkt outperformance
Foreign investors have pulled out a massive Rs 22,000 crore from Indian equities so far this month, due to uncertainty surrounding the outcome of the Lok Sabha elections and outperformance of Chinese markets.
Suits & Sayings: Destination Scanner
ET’s roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours
Rupee strengthens to highest in a fortnight, logs weekly rise
The Indian rupee closed higher on Friday after rising to its highest in two weeks, aided by likely intervention from the Reserve Bank of India (RBI) and broad-based interbank dollar sales in the latter half of the session.
Sensex rises 253 points on auto and metal gains, defying foreign outflows
M&M was the top gainer, rising 6% as its overall March quarter numbers led to target price hikes and upgrades. JSW Steel, UltraTech Cement, Kotak Bank, ITC, and Maruti also closed higher. The market capitalisation of all listed companies on BSE surged Rs 2.86 lakh crore to Rs 410.21 lakh crore.
India stocks set for biggest monthly FII outflows in a year on election risks, China appeal
Global investors have pulled a net $3.5 billion from India’s stock markets so far in May, on course for the biggest withdrawal since June 2023, according to data compiled by Bloomberg.
Rupee opens on flat note against US dollar in early trade
At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.50 against the American currency and touched 83.49 in the initial trade.
Rupee ends flat; oil cos, foreign banks' dollar demand offsets rise in Asia FX
The Indian rupee closed flat on Thursday as dollar demand from local oil companies and likely equity-related outflows weighed on the local unit even as most other Asian currencies rallied.
Rupee trades in narrow range against US dollar in early trade
At the interbank foreign exchange market, the local unit opened at 83.48, it touched 83.46 in the initial trade, registering a gain of 2 paise from its previous close.
Financial services faces heavy FPI selloff
FPIs sold shares worth ₹27,140 crore across 14 sectors in April 16-30 period. Other than financials, information technology (IT), fast- moving consumer goods (FMCG) and oil & gas sectors were among the sectors that witnessed large outflows.
Rupee trades in narrow range against US dollar in early trade
At the interbank foreign exchange market, the local unit opened at 83.29, registering a gain of 2 paise from its previous close. In initial trade, the local unit also saw a low of 83.32 against the American currency.
Not just stocks, FPIs turn net sellers in debt market after a year. What's the stress?
Higher US Treasury yields and the rupee slipping to record lows have led to some position unwinding by foreign investors, who have sold nearly $1.3 billion of government bonds in April.
Rupee caught between equity outflows, Asia relief
"This (dollar bids) are likely for their custodial clients on the equity side," a forex trader at a bank said. Overseas investors took out $950 million from Indian equities on Friday and nearly $400 million on Monday, according to National Securities Depository Ltd data.
Mauritius issue begins to haunt foreign investors as FPIs pull out nearly $1 billion from Indian stocks
India and Mauritius have agreed to a protocol to alter a double taxation avoidance agreement (DTAA) stating that tax relief cannot be for the indirect benefit of residents of another country. As a result, all FPIs will have to examine whether they have enough commercial rationale to be based in Mauritius when the tax scrutiny happens.
Killing a market, softly: How an RBI communique could end India's thriving ETCD market
RBI faces queries on India's ETCD market impact after Dubai's rupee-dollar futures launch. Market's growth raised liquidity, regulatory concerns. RBI emphasizes ETCDs are for hedging, not speculation, potentially reshaping market dynamics.
FPIs sell Rs 7,200 crore worth shares in a week; is this a trend reversal indication?
Selling by the big bulls restrained the upside in benchmark indices, as the BSE Sensex clocked just 0.3% gains. However, FPIs turned net buyers in March after being net sellers in both January and February
Rupee declines 5 paise to 82.95 against US dollar on firm crude prices
The local currency moved in a tight range of 82.93 to 82.95 to a dollar in early deals. The rupee traded at 82.95, down 5 paise, against the US dollar at 9.15 am.
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