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Overseas investors have offloaded $2 billion of local shares in just two days this week, according to the latest exchange data compiled by Bloomberg, after a record withdrawal of $2.9 billion last week. With this, $19 billion has flown out since Sept. 30, about half of the foreign money local shares lured since the pandemic lows in March 2020. That’s pushed down the rupee to an all-time low.
The current exodus has hit a record, exceeding the foreign outflows seen during the 2008 global financial crisis, according to Bloomberg Intelligence analysts Nitin Chanduka and Kumar Gautam. In past instances, FII selling has generally eased when peak-to-trough outflows approached $8-$10 billion, with the sole exception of the 2008 crisis.
Domestic funds have infused a net almost $3 billion into local equities since end-September.
“We believe that better growth of both GDP and earnings will again attract the foreign investors once the dust settles,” he said.
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