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India benchmark shares log worst month since March as oil, global rate hikes spark outflows
Indian equity benchmarks logged their steepest monthly drop since March, while the rupee and the benchmark bond lost ground, as foreign investors fled risky assets after soaring oil prices kept inflation worries centre stage and global central banks hiked interest rates. The US Federal Reserve raised its key interest rate in September, along with central banks in Australia, Europe and Japan. Higher US rates are negative for emerging market stocks as they typically make bonds and the dollar more attractive investment bets. Foreign investors offloaded Indian shares worth $2.7 billion in Septembe...
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