Foreign investors, from active funds to hedge fund managers, have scaled back their bets on Chinese equities over the past year. Could the pullback worsen in the coming months?
Rupee falls 24 paise to 74.33 against dollar in early trade
PTI
Mumbai |
Updated on
Foreign fund outflows weighed on investor sentiment
The Indian rupee slumped 24 paise to 74.33 against the US dollar in opening trade on Monday, tracking weak domestic equities and strong American currency. Forex traders said concerns over rising COVID-19 cases and foreign fund outflows weighed on investor sentiment. At the interbank foreign exchange, the domestic unit opened lower at 74.25 against the dollar, and lost further ground and touched 74.33, registering a fall of 24 paise over its previous close. On Friday, rupee had closed at 74.09 against the US dollar. Rupee opened on a week note on global dollar strength and weaker-than-expected performance of BJP in state elections, particularly Bengal, said Abhishek Goenka, Founder and CEO, IFA Global.
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