85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
Corporate India’s outward foreign direct investment in March 2021 nearly halved to $1.93 billion (around Rs 14,495 crore), data released by the Reserve Bank of India showed on Thursday. In February 2021, the OFDI stood nearly the same at $1.95 billion.
Speaking about the outward foreign direct investment (OFDI), the data showed that the domestic firms invested $3.86 billion in the year-ago month of March 2020.
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Of the total investment committed by the Indian investors in their foreign joint ventures/wholly owned subsidiaries in March this year, $1.15 billion was in the form of issuance of guarantees. The rest of $413.25 million was in the form of loan and $363.54 million was through equity capital, the data showed.
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The major investors were telecom major Bharti Airtel Ltd $750 million in a wholly owned unit in Mauritius; pharma firm Lupin Ltd $250 million in a JV in the US, SRF Ltd $83.83 million in a wholly owned subsidiary (WoS) in the Netherlands.
In addition to this, Mahindra & Mahindra invested $84.52 million in WoS in Mauritius and The Indian Hotels Co Ltd $59.59 million in its wholly owned subsidiary in the Netherlands.
The RBI said the data is provisional and subject to change based on the online reporting by the authorised dealer (AD) banks.
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