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The Indian rupee (INR) came under pressure in the last week of September 2024 when foreign institutional investors (FIIs) turned net sellers in India’s capital market, resulting in capital outflows. However, to maintain orderly conditions, the Reserve Bank of India (RBI) intervened in the forex market, raising concerns in some quarters about whether it was an appropriate strategy.
FIIs started withdrawing from the Indian equity market from September 25 — a day after the People’s Bank of China introduced the monetary stimulus. This was soon followed up by fiscal stimulus in China. As equity valuations in China were quite cheap
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