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ICICI Securities Report
Foreign portfolio investment equity inflows in August 2020 so far stands at approximately $6 billion U.S. which is close to the highest monthly number in history.
The inflow is significantly higher than other emerging markets and will boost sentiments towards India.
Given the likely current account surplus situation in 2020, the Reserve Bank of India has been buying excess dollar inflows to avoid sharp movements in the Indian rupee resulting in Forex reserves hitting $535 billion.
This has resulted in improving Indian rupee liquidity which continues to be at a significant surplus of Rs 6.5 trillion (net absorption by RBI at the liquidity adjustment facility window).
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