INR Stays Near Recent Lows Amid Sustained Foreign Fund Outflows

Published on Nov 03, 2023 16:57

Relentless sell off by foreign funds extending to the month of November is seen weighing on investor sentiments on Friday. This comes on the back of net sell off for the second consecutive month in October, due to a surge in the U.S. Treasury yields and the uncertain geopolitical tension from the Israel-Hamas conflict. Overseas institutional investors offloaded $2,950 million, or Rs 24,548 crore, worth of stocks in October, according to data from the National Securities Depository Ltd. They had been buyers since March, after a selloff of Rs 28,852 crore in January and Rs 5,294 crore in February. Rupee settled for the day 6 paise lower at 83.28 (provisional) against the US dollar. However, positive trend in domestic equities and dollar weakness overseas restricted the downside in the local unit. At the interbank foreign exchange market, the local unit opened at 83.22 and touched a low level of 83.29 against the greenback. USDINR futures on NSE stayed mostly choppy on Friday to end the day almost flat at 83.30.