As global funds shun India, rupee turns into worst currency in Asia

The Indian rupee is set to end a tumultuous year as Asia’s worst-performing currency with foreign funds fleeing the nation’s stocks.
 

The currency declined 2.2% this quarter as global funds pulled $4 billion of capital out of the country’s stock market, the most among regional markets where data is available.

Foreigners sold Indian stocks as Goldman Sachs Group Inc. and Nomura Holdings Inc. recently lowered their outlook for equities, citing lofty valuations, at a time when concerns about the omicron virus variant are roiling the global markets. Record-high trade deficit and the central bank’s policy divergence with the Federal Reserve have