New Delhi, Dec. 22 -- MUMBAI: A weaker rupee may benefit Indian exports, but its impact is far less decisive than it once was. India's export basket has become structurally less price-sensitive, driven by a growing share of engineering goods, pharmaceuticals, and services, where competitiveness hinges more on execution and supply-chain reliability than currency moves, said Neelesh Surana, chief investment officer at Mirae Asset Investment Managers (India).

Surana also said foreign investor outflows from Indian equities reflect a confluence of factors-slower earnings growth, valuation normalization, rupee depreciation, limited exposure to the global artificial intelligence boom, and trade-related uncertainty. Many of these headwinds, he a...