MUMBAI: India’s equity benchmarks closed flat on Friday but fell for the week as foreign outflows outweighed optimism over corporate earnings and India–US trade talks.
US President Donald Trump said on Thursday that his talks with Indian Prime Minister Narendra Modi were going well and that he planned to visit the country soon.
Still, foreign investors offloaded 98.45 billion rupees (USD1.12 billion) of Indian shares over the last three sessions after their purchases hit a five-month high in October, helping the 4.5percent surge in the benchmark indexes.
Rupee up
The Indian rupee dipped on Friday but held above its record low and ended slightly higher on the week as frequent interventions by the Reserve Bank of India supported the currency in the face of outflows and persistent dollar demand from importers.
The rupee settled at 88.66 against the US dollar, down from its close at 88.6125 in the previous session. On the week, though, the currency edged up by 0.1 percent.nearly 1percent.