Foreign portfolio investors (FPIs) withdrew over Rs 22,530 crore from Indian equities between January 1 and 16, extending a selling streak that began last year. Data from NSDL showed the net outflow in the first fortnight, even as domestic institutions continued to provide support. The sale follows a massive exodus in 2025, when FPIs pulled out around Rs 1.66 lakh crore. That outflow was driven by volatile currency moves, global trade tensions and concerns about potential US tariffs and stretched market valuations. Analysts say the prolonged foreign selling was a key factor behind the roughly 5% depreciation of the rupee during 2025.