Monday Mayhem Erases FPIs' Dollar Returns Since June

The continuing slide of the markets on Monday saw dollar returns of foreign investors all but wiped out since the general election results day low of 4 June.

- Ram Sahgal

Benchmarks NSE Nifty and BSE Sensex, buffeted by sustained foreign investor selling amid a US tech rout, fell more than 1% each on Monday, even as the BSE Dollex 30 fell 1.29% due to a weaker rupee. The Dollex is the US dollar version of the bellwether Sensex 30.

After Monday's fall, the BSE Dollex 30 traded at 7,161.83, 1% away from its low of 7,085.67 on 4 June, per Bloomberg. That day, the Dollex, tracking the Sensex, had tanked 6% with the BJP falling short of winning a majority on its own in the Lok Sabha elections.

In contrast, the Nifty at Monday's close of 22,829.15 and the Sensex at 75,366.17 are more than 4% away from their lows of 21,884.5 and 72,079.05 on 4 June. The Dollex's underperformance is because of the rupee depreciating by 3.36% to 86.34 to the US dollar over the same period.