FPIs have been sellers in most emerging markets in August mainly due to this double whammy of rising dollar and rising bond yields. Profit booking in financials also contributed to FPI selling, he added.
In July, the monthly fiscal deficit was Rs 1.54 lakh crore, while during the corresponding period of last year, the government recorded a fiscal surplus of Rs 11,040 crore.
However, compared to the 6.1 percent growth recorded in the January-March period of 2022-23, the GDP growth for the first quarter of 2023-24 was higher at 7.8 percent.