Rupee stays weary on sustained selling by FPIs

Indian Rupee continued to stay weary today as tepid undertone in local equities along with cautiousness owing to the ongoing General Elections weighed on the currency. INR currently quotes at 83.52, down 1 paisa on the day and holding around record lows. Meanwhile, NIFTY50 index tanked today, adding to recent wave of losses and tested a three week low near 22800 mark. INR has also been hurt due to relentless selloff by the foreign portfolio investors or FPIs. The net investment by FPIs in local securities stood at Rs -17083 crores in May (upto 10th). This followed a net investment of Rs -8671 crores in April. From year to date, the net investment from FPIs stands at Rs 14861 crore, primarily due to a massive selloff in January 2024.

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