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The rupee opened on a weak note and declined by 21 paise to 71.09 against the US dollar in opening trade on Monday, as sustained foreign fund outflows weighed on investor community. Forex traders said rising demand for the US dollar vis-a-vis other currencies overseas also weighed on the domestic currency. The rupee opened weak at 71.00 at the interbank forex market and then fell further to 71.09, down 21 paise over its last close. The rupee had settled at 70.88 against the US dollar on Friday. However, easing crude oil prices supported the rupee and restricted the downfall. Brent crude futures, the global oil benchmark, eased 0.27 per cent to USD 58.21 per barrel. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 682.93 crore on Friday, as per provisional data. On the domestic market front, benchmark indices Sensex was trading 220.22 points higher at 37,893.53 and Nifty up 51.50 points at 11,226.25. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.03 per cent to 98.83. The 10-year government bond yield was at 6.68 per cent in morning trade.

Foreign investors are pulling money out of India and that's hurting the rupee

<ul><li>The rupee depreciated by 10 paise to 82.75 against the US dollar in early trade.</li><li>On Wednesday, the rupee settled at 82.65 against the US dollar.</li></ul>The rupee depreciated by 10 paise to 82.75 against the US dollar in early trade on Thursday amid negative trends in the domestic as well as global equity markets and continued outflow of foreign funds. At the interbank foreign exchange, the domestic unit opened weaker at 82.77 against the US dollar and traded in the range of 82.80 and 82.71. Later, the domestic unit was trading at 82.75 against the greenback, registering a fall of 10 paise. On Wednesday, the rupee settled at 82.65 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.10 per cent lower at 104.54. Global oil benchmark Brent crude futures rose 0.61 per cent to USD 74.14 per barrel. The 30-share <keyword id="53232" type="General" weightage="80" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> was trading 116.67 points or 0.20 per cent lower at 57,439.23 points while the broader NSE Nifty was down 34 points or 0.2 per cent at 16,938.15 points. <keyword id="6438315" type="General" weightage="80" keywordseo="foreign-institutional-investors" source="Orion">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 1,271.25 crore, according to exchange data. Analysts said the failure of two banks in the US and crisis at Swiss banking major <keyword id="48085" type="General" weightage="80" keywordseo="credit-suisse" source="Orion">Credit Suisse</keyword> have adversely impacted market sentiments. On the domestic front, <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s exports contracted in February for the third consecutive month, falling 8.8 per cent to USD 33.88 billion against USD 37.15 billion in the same month last year. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/how-is-gpt-4-different-from-chatgpt-and-what-makes-it-unique/articleshow/98688465.cms">How is GPT-4 different from ChatGPT, and what makes it unique?</a> <a href="https://www.businessinsider.in/tech/news/googles-new-ai-features-for-docs-gmail-and-more-to-rival-microsofts-workspace-toolsheres-what-it-means/articleshow/98657324.cms">Google’s new AI features for Docs, Gmail, and more to rival Microsoft’s workspace tools—here’s what it means</a>

Rupee falls 10 paise to 82.75 against US dollar in early trade

The <keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword> has decided to relax the lock-in requirements for promoter shareholding in terms of initial public offerings (IPO) and further public offerings (<keyword id="46435" type="ORGANIZATION" weightage="20" keywordseo="FPO">FPO</keyword>). In its meeting on Friday, the SEBI board decided that the lock-in of promoters shareholding to the extent of minimum promoters contribution (20 per cent of post issue capital) shall be for a period of 18 months from the date of allotment in IPO/FPO instead of existing three years, if the object of the issue involves only offer for sale and if the object of the issue involves only raising of funds for other than for capital expenditure for a project. Further, the relaxation would be provided also in case of combined offering (fresh issue and offer for sale) if the object of the issue involves financing for other than capital expenditure for a project. In a statement, the SEBI said that in all the conditions, the promoter shareholding in excess of minimum promoter contribution shall be locked-in for a period of 6 months instead of existing 1 year. The lock-in of pre-IPO securities held by persons other than promoters shall be locked-in for a period of 6 months from the date of allotment in IPO instead of existing 1 year, it said. The period of holding of equity shares for Venture Capital Fund or Alternative Investment Fund (AIF) of category I or II or a <keyword id="5183194" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Venture-Capital-Investor">Foreign Venture Capital Investor</keyword> shall be reduced to 6 months from the date of their acquisition of such equity shares instead of existing 1 year. A SEBI consultation paper dated May 11, 2021 had provided detailed rationale for the reduction in lock-in period such as demonstration of skin in the game by promoters, existence of private equity firms and AIFs several years before proposing listing, much less greenfield financing through IPOs, and others. The board also decided to approve the certain measures to reduce the disclosure requirements at the time of IPO. The definition of promoter group shall be rationalised, in case where the promoter of the issuer company is a corporate body, to exclude companies having common financial investors. The disclosure requirements in the offer documents, in respect of group companies of the issuer company, shall be rationalised to, <keyword id="11806650" type="UNKNOWN" weightage="20" keywordseo="inter-alia">inter-alia</keyword>, exclude disclosure of financials of top 5 listed/unlisted group companies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/indias-first-apple-store-delayed-due-to-covid-19/articleshow/85102306.cms">Launch of India’s first Apple store delayed due to Covid-19</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/apple-pay-and-google-pay-are-coming-to-coinbase-allowing-users-to-buy-cryptocurrencies/articleshow/85096650.cms">Coinbase now lets you purchase crypto via Apple Pay, Google Pay option to arrive soon as well</a>

IPO/FPO: SEBI eases lock-in norms for promoter shareholding

Global oil prices are rising, the <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>n rupee is depreciating, the government’s current account deficit is increasing. Government bonds are becoming riskier investments, and now, foreign portfolio investors are exiting India in droves, culminating in the largest monthly outflow since demonetisation was announced. From May 1st to May 25th, foreign investors pulled out a total of ₹267.7bn from Indian bonds and stock-markets, according to depository data. As a result, the total outflow is on track to exceed the ₹271.1 billion that they pulled out in December 2016 - the month after the government imposed its demonetisation initiative. This will be the highest outflow of foreign money in 18 months. Consistent outflow The investor panic after demonetisation was short-lived, as <keyword id="46757" type="ORGANIZATION" weightage="20" keywordseo="foreign-investment">foreign investment</keyword> stabilised and gradually increased in 2017-18. This was largely due to the implementation of the insolvency and bankruptcy code, the new GST law, surging stock-markets, a rebound in manufacturing growth and depressed interest rates in developed countries like the US. However, the outflow of foreign investment has been consistent in 2018 so far, pointing at a deeper malaise and lack of confidence in India’s short-term growth trajectory. In April, foreign investment outflows totalled <a href="https://economictimes.indiatimes.com/markets/stocks/news/fpi-outflows-hit-16-month-high-at-rs-15500-crore-in-april/articleshow/64049143.cms">₹155bn</a>, a 16-month high. In addition, March yielded a meagre net inflow result of ₹26.5bn, only due to <keyword id="6391506" type="UNKNOWN" weightage="20" keywordseo="Equity">equity</keyword> inflows, while net outflows in February 2018 totalled ₹116.7bn. In fact, as of May 25th, foreign outflows from India have totalled ₹291 billion in the year so far. Rupee set to weaken further As foreign investment continues its downward spiral and oil prices increase, the rupee will only weaken further as there are less foreign investors entering the economy and buying rupees. The Reserve Bank of India is trying to do its best to stem the fall, by using up its dollar reserves to prop the currency, but as its foreign reserves <a href="https://economictimes.indiatimes.com/markets/forex/forex-reserve-drops-3-2-billion-on-dollar-outflows/articleshow/64031531.cms">dwindle</a>, its ability to intervene in the future will be compromised. This scenario isn’t only limited to India, though. After years of low interest rates in the US and across Europe, money came from these countries into emerging markets in Asia and South America in search of higher returns. However, as interest rates in these developed markets are on the upswing, less money is leaving them. Paul Krugman, a Nobel Prize winning economist, raised alarm bells last week, when he pointed to <a href="https://twitter.com/paulkrugman/statuses/999272781215879168">an impending crisis in emerging markets</a>, based on the drastic decline in currencies, the pileup in dollar <keyword id="44647" type="ORGANIZATION" weightage="20" keywordseo="debt">debt</keyword> and slowdown in economic growth. For now, foreign investment in India is tied to the country’s growth rate over the next few quarters, which is in turn, tied to oil prices. If India exceeds quarterly growth estimates, it will be able to lure investors back. However, with oil prices set to hover around $80 a barrel a near term, maintaining growth, let alone exceeding predictions, will be extremely difficult. It seems that foreign investors will continue to pull money out in the near term. As a result, the Indian government will have no choice but to rely on demand and investment from domestic entities to keep the bond and stock markets afloat.

Foreign investors are losing confidence in India’s short-term growth prospects

<ul><li>Between April and June 2018, foreign investors withdrew ₹610 billion from India’s capital markets. </li><li>However, a renewed confidence in India’s <keyword id="34412" type="ORGANIZATION" weightage="20" keywordseo="economy">economy</keyword> has culminated in a back-to-back monthly inflows in July (₹23 billion) and August (₹52 billion). </li><li>The rebound follows an improvement in macro-economic <keyword id="42546" type="PERSON" weightage="20" keywordseo="Growth">growth</keyword> indicators and corporate earnings as well as a positive report from the IMF in early August. </li></ul>In terms of foreign portfolio investment, 2018 hasn’t been a great year for India. In the first six months of the year, the country experienced its highest level of investment outflows <a href="https://economictimes.indiatimes.com/markets/stocks/news/fpis-outflow-hits-10-year-high-at-rs-48000-crore-in-h1-2018/articleshow/64813079.cms">in ten years</a>, largely due to the fact that investors withdrew ₹610 billion from April to June. The reasons for this had to do with a pessimistic view of India’s short-term growth trajectory, as indicated by a depreciating currency, a widening fiscal deficit, rising oil prices and concerns of a global trade war. A gradual tightening of interest rates in the US has also rerouted inflows back to this safe haven. However, in the last few months, it seems that these worries have subsided slightly. A renewed confidence in India’s economy has culminated in a back-to-back monthly inflows in July and August. Following a net positive flow of ₹23 billion in July, foreign portfolio investors pumped ₹52 billion into India’s capital markets in August - 65% of which went into bonds and <keyword id="44647" type="ORGANIZATION" weightage="20" keywordseo="debt">debt</keyword> instruments, with the rest going into the stock market. The rebound follows an improvement in macro-economic growth indicators and corporate earnings as well as a positive report from the <keyword id="6366068" type="ORGANIZATION" weightage="20" keywordseo="international-monetary-fund">International Monetary Fund</keyword> (IMF) in early August. The IMF gave its stamp of approval to reforms such as improvements to the GST regime and easing of <keyword id="46757" type="ORGANIZATION" weightage="20" keywordseo="foreign-investment">foreign investment</keyword> protocols. It maintained its medium-term growth forecast for India at 7.8%, which will make it the world’s fastest-growing major economy. The reversal in inflows also coincides with a bull run in India’s <keyword id="6391506" type="UNKNOWN" weightage="20" keywordseo="Equity">equity</keyword> markets. The Sensex has been on a record spree since July as domestic institutional investors have filled in the demand gap caused by the exodus of foreign investors. However, while a rebound in foreign portfolio investments bodes well for India’s short-term prospects, the quantity of inflows still aren’t sizeable to sufficiently stem the rupee’s decline. However, this is also a symptom of a larger currency crisis in emerging markets, most notably Turkey and Argentina, and a renewed interest in safe haven markets. While there is a still a significant amount of wariness among foreign investors, India’s recent quarterly growth figures - an 8.2% GDP growth in Q1 - and a burgeoning market for stressed assets could result in larger inflows in September. In addition, the Indian government’s move to further ease the foreign investment process by introducing <a href="https://www.business-standard.com/article/economy-policy/govt-makes-fpi-s-job-easier-introduces-single-form-for-foreign-investors-118082600172_1.html">a single common application form</a> will make it easier for foreign investors to register themselves and invest in debt and equity instruments.

After a terrible start to the year, India’s foreign investment inflows have finally rebounded

The rupee pared its initial losses to settle 4 paise higher at 82.02 (provisional) against the US dollar on Friday, tracking the weakness of the American currency in the overseas market. At the interbank foreign exchange market, the local unit opened at 82.12 against the American currency and finally closed at 82.02 (provisional) against the greenback, registering a gain of 4 paise over its previous close of 82.06. During the session, the rupee touched a high of 81.99 and a low of 82.14 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.08 per cent to 105.22. Global oil benchmark Brent crude futures declined 0.59 per cent to USD 81.11 per barrel. "The Indian rupee depreciated marginally by 0.04 per cent on Friday amid weak domestic markets. However, the weak Dollar cushioned the downside," said Anuj Choudhary - Research Analyst at Sharekhan by <keyword id="87153" type="General" weightage="80" keywordseo="bnp-paribas" source="Orion">BNP Paribas</keyword>. The dollar slipped from the three-month high on weak US markets and disappointing weekly jobless claims data, which rose to 2,11,000 from 1,90,000 in the previous week. "We expect the rupee to trade with a negative bias on risk aversion in global markets and selling pressure from FIIs. However, weak greenback, declining <keyword id="105472" type="General" weightage="80" keywordseo="us-treasury" source="Orion">US Treasury</keyword> yields and a fall in crude oil prices may cushion the downside," Choudhary said. Traders may remain cautious ahead of non-farm payroll, average hourly earnings and unemployment rate data from the US. Traders may also watch out for <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s industrial production data, which is likely to be better than the previous month, Choudhary said. On the domestic equity market front, the 30-share <keyword id="53232" type="General" weightage="80" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> declined 671.15 points or 1.12 per cent to end at 59,135.13, while the broader NSE Nifty fell 176.70 points or 1 per cent to 17,412.90. <keyword id="6438315" type="General" weightage="80" keywordseo="foreign-institutional-investors" source="Orion">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 561.78 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/news/explained-how-digital-india-act-will-replace-old-it-regime-to-tame-big-tech-safeguard-users/articleshow/98542819.cms">Explained: How Digital India Act will replace old IT regime to tame Big Tech, safeguard users</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/punjab-passes-non-official-resolution-to-help-regulate-overpriced-drugs-and-make-healthcare-more-affordable/articleshow/98542124.cms">Punjab passes non-official resolution to help regulate overpriced drugs and make healthcare more affordable</a>

Rupee gains 4 paise to close at 82.02 against US dollar

The rupee appreciated 19 paise to close at 82.51 (provisional) against the US dollar on Wednesday after the <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>) hiked the repo rate by 25 basis points. A rally in the domestic equity markets and weakness in the greenback against major crosses overseas also supported the rupee, forex traders said. However, surging crude prices in the international market and persistent foreign fund outflows restricted the appreciation bias in the local unit, they added. At the interbank foreign exchange market, the local unit opened strong at 82.67 and touched an intra-day high of 82.47 and a low of 82.72 against the greenback. It finally settled at 82.51, up 19 paise over its previous close of 82.70. The Reserve Bank of India slowed the pace of interest rate increases for the second straight time when it on Wednesday expectedly increased borrowing cost by 25 basis points but hinted more to come as core inflation remained high. The central bank projected India's economic growth at 6.4 per cent for 2023-24, broadly in line with the estimate of the Economic Survey tabled in <keyword id="6354721" type="General" weightage="80" keywordseo="parliament" source="Orion">Parliament</keyword> last week. It also estimated retail inflation to ease to 5.3 per cent in the next fiscal from 6.5 per cent this year on assumptions of lower imported inflation, even though core inflation remains sticky. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.38 per cent to 103.03. Global oil benchmark Brent crude futures rose 1.31 per cent to USD 84.79 per barrel. On the domestic equity market front, the 30-share BSE Sensex jumped 377.75 points or 0.63 per cent to end at 60,663.79, while the broader <keyword id="372424" type="General" weightage="80" keywordseo="nse-nifty" source="Orion">NSE Nifty</keyword> advanced 150.20 points or 0.85 per cent to 17,871.70. <keyword id="6438315" type="General" weightage="80" keywordseo="foreign-institutional-investors" source="Orion">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 2,559.96 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/domestic-banks-exposure-to-adani-grp-not-significant-single-case-cant-impact-system-rbi/articleshow/97730223.cms">Domestic banks' exposure to Adani grp not significant; single case can't impact system: RBI</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/hopefully-this-is-last-rate-hike-by-rbi-in-current-cycle-industry-experts/articleshow/97729735.cms">Hopefully, this is last rate hike by RBI in current cycle: Industry, experts</a>

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Foreign investors are pulling money out of India and that's hurting the rupee

PTI

Rupee falls 10 paise to 82.75 against US dollar in early trade

PTI

IPO/FPO: SEBI eases lock-in norms for promoter shareholding

IANS

Foreign investors are losing confidence in India’s short-term growth prospects

Dilsher Dhillon

After a terrible start to the year, India’s foreign investment inflows have finally rebounded

Dilsher Dhillon

Rupee gains 4 paise to close at 82.02 against US dollar

PTI

Rupee rises 19 paise to end at 82.51 against US dollar

PTI

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