FPIs press sell button on Indian stocks, bonds worth $7 bn since April

While selling started in April, it has intensified this month, with FPIs pulling out $1.1 billion and $2.5 billion from equities and debt market, respectively

Foreign portfolio investors (FPIs) have dumped domestic bonds and equities worth nearly $7 billion ( Rs 441 billion) since April. The pullback comes amid the greenback’s ascendance against most global currencies and the 10-year US Treasury hitting the dreaded 3 per cent mark. The sell-off has roiled the Indian financial markets, with the 10-year government security inching towards 8 per cent, the rupee dropping to a 16-month low of 68 against the dollar, and stocks seeing across-the-board correction.

While selling started in April, it has intensified this month, with FPIs pulling out $1.1 billion and $2.5 billion from equities and