After Swamy's rant on Rajan, $1.1 bn flew out of Indian debt

Moneycontrol BureauEven as Reserve Bank of India governor Raghuram Rajan's tenure comes to an end in September, speculation over his extension has been rife. To be sure his banking reforms and inflation-targetting measures have given the Indian economy a boost. BJP's enfant terrible Subramanian Swamy dashed off two letters to the Prime Minister seeking Rajan's ouster this month.Though corporates largely shrugged off Swamy's missives, it seems the market was shook up. In the four and a half months before Swamy's statement, foreign portfolio investors made purchases to the tune of USD 22.82 million. And after Swamy's rant, foreign investors sold Indian debt worth USD 1.1 billion.