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Don’t fret over $13-bn FII outflow in 2018, India strongly placed among EMs: DHFL MF

India has a strong position vis-à-vis other emerging markets (both in terms of growth and external debt), and the fall in crude only strengthens our macro picture, said Alok Agarwal, Senior Fund Manager-Equity, DHFL Pramerica Mutual Fund

December 03, 2018 / 07:51 AM IST

FIIs have been net sellers to the tune of ~$13.3 billion so far in 2018. This is the highest ever net sell figure by them in India in any calendar year as the previous high being $11.8 billion in 2008, Alok Agarwal, Senior Fund Manager-Equity, DHFL Pramerica Mutual Fund, said in an interview with Moneycontrol’s Kshitij Anand.

Q. Do you think that the recent bounce in the market was largely on the back of rupee appreciation and fall in crude oil prices, and the rally could well be short-lived?

A. Yes, it is largely true. The rupee touched an all-time low against US Dollar on October 11. Till then, Nifty (in dollar terms) was underperforming MSCI World Index by over 13 percent YTD (almost fully contributed by rupee depreciation of 15 percent).

Since then, Nifty has outperformed the MSCI World Index by nearly 10 percent (mainly contributed by Rupee appreciation of 5 percent).