Indian Rupee Declines as Foreign Funds Sell Stocks Before Fed
- Global funds have been net sellers of shares for 10 of 11 days
- Ten-year sovereign bond yield little changed at 7.76%
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India’s rupee declined amid outflows from local stocks ahead of the Federal Reserve’s rate-setting meeting.
Global funds have been net sellers in 10 of the last 11 days, withdrawing $891 million of shares in September, the latest Bloomberg-compiled data show. That’s taken outflows for the quarter to $2.6 billion, the most since 2008. Traders have held odds at 28 percent that the Fed will raise U.S. borrowing costs at its Sept. 16-17 meeting, a move that will reduce the allure of emerging markets.