Foreign portfolio investors (FPIs) have withdrawn nearly ₹18,000 crore from equities in December so far, taking the total outflow to ₹1.6 lakh crore this year. The Indian equities market has seen FPI outflows since July, with October being the only exception, when FPIs infused ₹14,610 crore. Sharp depreciation of the rupee is one of the factors driving the outflow.