SINGAPORE (Oct 22): It has been a very tough month, with India continuing to be an outlier in the context of global equities with country risk premiums spiking (spreads of credit default swaps are up to about 150 basis points, the rupee is down 12% year-to-date versus the US dollar) and intensified foreign institutional selling of equities and fixed income (amazingly, calendar year-to-date, net foreign portfolio outflows of US$11 billion [$15 billion] now exceed the prior “record” outflows of US$10.2 billion in 2008). 

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