New Delhi, July 30 -- A weakening rupee and high stock valuations, compared to other emerging markets have prompted foreign portfolio investors (FPIs) to pull out over Rs.32,000 crore from Indian equities in July - a sharp reversal from their buying trend last month.
The rupee dropped 1.6% over the past month - from 85.49 on 27 June to 86.82 against the US dollar on Tuesday - its lowest level in five months. Due to the rupee's fall, the BSE Dollex 30 (the dollar-linked version of Sensex) fell 4.8% from 8071.26 to 7686.39 in a month.
In contrast, the Sensex itself fell only 3.2%, from 84,059 to 81,338, showing how currency losses magnified the hit for overseas investors.
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