Uday Kotak urges Indian firms to step up as rupee crosses 90

As the rupee weakens towards Rs 90 per dollar, Uday Kotak, Founder & Director of Kotak Mahindra Bank has urged Indian businesses to break out of their comfort zone, warning that foreign investors appear to be calling the shots in current market dynamics.

- TBG NETWORK

Despite steady domestic buying, Kotak flagged that aggressive overseas selling has left the Nifty delivering zero dollar returns over the past year. In a post on social media X, Kotak added, “Rs @90. The proximate reason: foreign selling of Indian stocks both FPI & PE under FDI. Indian investors buying. Time will tell who is smarter. For now foreigners seem smarter. 1 year nifty $ return is O. But this a long game. Time for Indian business to shake out of comfort zone.”