Indian debt markets have witnessed fifth straight month of heavy outflows of funds by foreign institutional investors (FIIs). This is the second time in the last 10 years when funds have outflown continuously for more than four months (as depicted by red circle in the graph). But the magnitude of this kind is clearly unprecedented. The cumulative 10 years net flow by FIIs till May 2013 is Rs 1,98,000 crore. In the last five months of 2013, 34 per cent of it, amounting to Rs 67,960 crore, has been withdrawn.
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