JPMorgan index, so far in November, according to clearing house data on Thursday.
A rise in U.S. yields along with a stronger dollar have driven the selling, traders and analysts said. They expect the outflows to persist until global market volatility settles.
«Foreign inflows will likely wait for U.S. yields and dollar index to stabilise before reverting to its pre-October pace,» said Nitin Agarwal, head of trading at ANZ India.
«The various index inclusions still warrant more inflows; however, investors might choose to run a bit underweight India,» Agarwal said.
For the first 10 months of 2024, foreigners bought 1.18 trillion rupees of bonds, driven by India's inclusion in the JPMorgan index on June 28.
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