India's Big Dollar Buyer May Step Back as Capital Inflows Plunge [Bloomberg Business News]
IPATH US TREASURY LONG BOND BE (DLBS)
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Source: Bloomberg Business News
By Subhadip Sircar More stories by Subhadip Sircar and Anirban Nag Central bank a net dollar buyer for 12 months through January Foreigers sell Indian bonds, while equity inflows plunge Traders counting on the Reserve Bank of India to keep buying dollars may have to think again. The central bank bought $36 billion of foreign exchange in the 12 months to January, seeking to stem the rupee’s appreciation. That’s likely to change given India’s widening current-account deficit and slowing capital inflows, with Rabobank saying the RBI may instead look to use some of its $420 billion of reserves to plug the dollar spending gap. India is losing some of its red-hot appeal to foreign investors as a bank scandal, a widening fiscal deficit and the prospects of faster rate hikes by the Federal Reserve erode the allure of its higher-yielding assets. The rupee is the second-worst
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