 "markets")
The rupee, which breached 80 against the US dollar, intraday, on Tuesday, has faced sustained pressure on account of selling by overseas funds.
Foreign portfolio investors (FPIs) have sold at an average of $225 million (Rs 1,720 crore) each day from domestic stocks so far this year.
The intensity of selling is the highest-ever the Indian market has witnessed as FPI selling this year has neared $30 billion (Rs 2.3 trillion).
Besides weighing on the rupee and stocks, the sharp FPI selloff has deteriorated the macroeconomic situation.
India’s balance of payments (BoP) deficit was $16 billion during the March 2022 quarter, the
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