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INR Nears All-time Low; Foreign Investors Pull back US$3B+ from Indian Mkt in 3 Days
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The Indian rupee approached an all-time low, jeopardized by foreign investors selling local stocks and rising oil prices due to the clashes in the Middle East, Reuters reported. The one-month non-deliverable forward contracts for the US dollar against the Indian rupee was 83.9675 on the last trading day, close to the high of 83.985 a month ago. In the FX market, USD/ INR was last at 83.963, with the peak in early August being 84.165. According to the Bombay Stock Exchange (BSE) in India, foreign investors sold a net US$1.8 billion worth of stocks yesterday (3rd), and sold more than US$3 billion worth of stocks over the past three trading days. Oil prices, India's suppression of stock derivative transactions and China's economic stimulus measures prompted foreign investors to exit India market, report told. AAStocks Financial News |
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