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Rupee Plummets: USD 19 Billion Exodus Drains Indian Equities
28 Apr
Summary
- Foreign investors withdrew over USD 19 billion from Indian equities this year.
- The rupee depreciated 41 paise to close at 94.56 against the US dollar.
- Elevated crude oil prices and geopolitical uncertainties fueled the decline.
The Indian rupee experienced a notable decline, depreciating by 41 paise to close at 94.56 against the US dollar. This weakening is attributed to elevated crude oil prices and ongoing foreign capital outflows.
So far this year, Foreign Institutional Investors (FIIs) have withdrawn over USD 19 billion from Indian equities, significantly impacting investor sentiment. Forex traders noted that the rupee's sharp depreciation reflects concerns over a widening Current Account Deficit and volatile capital flows.
