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Influx of foreign funds in India foreseen
BOMBAY, Feb 17: The chairman of Unit Trust of India. the country's largest mutual fund, said he expects a good Inflow of foreign investments in coming months according to Wall Street Journal Service.
"Some foreign investors have been saying Indian equiUes are cheap and the depreciation of the rupee has helped." said Jagdish Capoor. the recently appointed chairman of UT1. "They fell the worst is oyer in terms of the depreciation of. the rupee."
The rupee has fallen 17 per cent qjnee September. hitUng a record low of 38.35 rupees to US dollar on February 5.
Rupee recovers
The local currency has since recovered slightly and was trading Wednesday around 36.53 rupees to 36.59 rupees per dollar.
Brokers say that foreign InsUtuUonal investors operating in India see a limited downside to the rupee and" find little risk of depreciation
of their fresh Investments in Indian shares.
The Bombay Stock Exchange Sensitive Index has risen more than 750 points in the past two weeks, mainly on fresh buying by those investors.
In his first interview as the UTI chief. Capoor said he's Stimistfc about the future of e mutual-fund industry in India, but refused to predict any growth rate for the industry.
' Established in 1964, UTI has 63 investment plans in operation. with funds of 580 billion rupees (16.07 billion dollars) from 59 million investors.
Totygh times for funds
Mutual fund* in, India have gone through a rough patch in the past year as snahq prices have fallen and net-assebv^lues have declined. Some of the newly formed private-sector mutual funds continue to be traded at a discount.
The tight liquidity situation 'also'shifted investors preferences to some of the more at-
tractive bank deposits and fixed-return bond issues. Some of these have been offering over 17 per cent returns of five-year bonds.
Capoor said he hopes to maintain returns to investors when UTI closes its accounts to finalize its dividends tn June:
"The current liquidity crisis puts pressure on us. We won't like to default on our commitments (to our investors)." he said.
Capoor added that there's no panic among Investors to get out of its funds. However, he noted that UTI faces much higher repurchases in its largest openended plan. Unit Scheme-64, compared With the previous year. The plan lias funds of 230 billion rupees from 22 million investors.
Sales back to UTI. or . purchase* under that amounted to 22 billion r between July last year : i ,, January this year. Of the 22 billion rupees, companies accounted for 16.5 billion rupees.