Weekly Musings – FPI flows for week ended December 12, 2025

17 Dec 2025 , 04:33 PM

FPI SELLING PERSISTS AMID WEAK RUPEE 

There were several data points in the week, but FPIs focused on the currency value. Not surprisingly, rupee took a knock after RBI cut repo rates by 25 bps. This led to the USDINR dipping beyond ₹90.50/$. With the RBI limiting support to the rupee, FPI selling continued during the week. CPI inflation for November came in higher than October at 0.71%; but still under 1% and on target to meet RBI FY26 target of 2.0%. Markets will be looking at other key data points this week; including US jobs data, US inflation, India WPI, and Trade deficit. 

MACRO FPI FLOW PICTURE UP TO DECEMBER 12, 2025 

The table captures monthly FPI flows into equity and debt for last 4 calendar years. 

Calendar   Month	FPI Flows Secondary	FPI Flows Primary	FPI Flows Equity	FPI Flows Debt/Hybrid	Overall FPI Flows
Calendar 2022 (₹ Crore)	(146,048.38)	24,608.94	(121,439.44)	(11,375.78)	(132,815.22)
Calendar 2023 (₹ Crore)	1,27,759.75	43,347.14	1,71,106.89	65,954.38	2,37,061.27
Calendar 2024 (₹ Crore)	(1,21,210.21)	1,21,637.15	426.94	1,65,342.98	1,65,769.92
Jan-2025 (₹ Crore)	(81,903.72)	3,876.78	(78,026.94)	815.91	(77,211.03)
Feb-2025 (₹ Crore)	(41,748.97)	7,174.62	(34,574.35)	10,273.72	(24,300.63)
Mar-2025 (₹ Crore)	(6,027.77)	2,055.16	(3,972.61)	36,953.97	32,981.36
Apr-2025 (₹ Crore)	3,243.03	980.28	4,223.31	(24,413.24)	(20,189.93)
May-2025 (₹ Crore)	18,082.82	1,777.41	19,860.23	11,089.48)	30,949.71
Jun-2025 (₹ Crore)	8,466.77	6,123.51	14,590.28	(22,153.36)	(7,563.08)
Jul-2025 (₹ Crore)	(31,988.32)	14,247.74	(17,740.58)	12,202.89	(5,537.69)
Aug-2025 (₹ Crore)	(39,063.85)	4,070.42	(34,993.43)	14,488.43	(20,505.00)
Sep-2025 (₹ Crore)	(27,163.33)	3,278.61	(23,884.72)	11,345.99	(12,538.73)
Oct-2025 (₹ Crore)	3,902.34	10,707.97	14,610.31	20,987.58	35,597.89
Nov-2025 (₹ Crore)	(15,659.31)	11,894.69	(3,764.62)	6,601.09	2,836.47
Dec-2025 (₹ Crore) #	(18,824.65)	869.22	(17,955.43)	(7,150.10)	(25,105.53)
Total for 2025 (₹ Crore)	(2,28,684.96)	67,056.41	(1,61,628.55)	71,042.36	(90,586.19)
# – Recent Data is up to December 12, 2025

Data Source: NSDL (Net Outflows in brackets) 

Cumulative FPI flows for 2025 dived deeper into negative zone at ₹ (90,586) Crore. This comprised of ₹ (1,61,629) Crore net selling in equities, offset by ₹71,042 Crore net buying in debt. Within equities, secondary market selling was to the tune of ₹ (2,28,685) Crore; offset by IPO buying of ₹67,056 Crore. IPO flows were relatively quiet in the week, but we should see the impact of the ICICI Prudential AMC QIB and anchor flows next week. 

FPI SENTIMENTS – THE WEEK THAT WAS 

For the week to December 12, 2025, FPI net selling stood at $(681) Million. 

1. The US Fed cut benchmark rates by 25 bps to the range of 3.50%-3.75%; marking a full 175 bps rate cut since September 2024. However, deep dissensions in the FOMC indicate that the US may see just 2 rate cuts of 25 bps each; up to the end of 2027.
2. India CPI inflation came in higher at 0.71% for November 2025, after touching a low of 0.25% in October. There was hardening of food inflation, across rural and urban centres. Average 6-month inflation is still well under the 2% mark.
3. The Indian rupee took a sharp cut this week in response to the RBI rate cut. The Fed rate cut did not help the rupee too much. For now, uncertainty over the trade deal, OMC hedging demand, and NDF market selling are keeping rupee under pressure.
4. Fed quarterly projection of macros for the next 3 years has upped the GDP growth estimates for 2026 by 50-bps. Also, inflation is expected to taper, once the impact of tariffs are factored in. Long term rates may stabilize around the 3.0% levels.
5. The demand for quick commerce continues to be robust among institutional investors. The ₹10,000 crore QIP by Swiggy got interested bids of 4.5X. Nearly half the funds raised through the QIP will be allocated to its quick commerce unit, Instamart. 

Let us turn to granular FPI flows in last 4 weeks. 

DAILY FPI EQUITY FLOWS FOR LAST 4 ROLLING WEEKS 

Here is the last 4 rolling weeks data on FPI flows in rupee terms and dollar terms. 

Date	FPI Flow (₹ Crore)	Cumulative flows	FPI Flow($ Million)	Cumulative flows
17-Nov-25	-4,661.00	-4,661.00	-525.23	-525.23
18-Nov-25	3,667.00	-994.00	413.74	-111.49
19-Nov-25	-386.61	-1,380.61	-43.62	-155.11
20-Nov-25	3,234.34	1,853.73	365.65	210.54
21-Nov-25	449.83	2,303.56	50.71	261.25
24-Nov-25	-1,616.74	686.82	-182.39	78.86
25-Nov-25	-3,850.87	-3,164.05	-431.75	-352.89
26-Nov-25	974.53	-2,189.52	109.23	-243.66
27-Nov-25	5,020.50	2,830.98	562.43	318.77
28-Nov-25	-503.55	2,327.43	-56.39	262.38
01-Dec-25	-3,489.27	-1,161.84	-390.06	-127.68
02-Dec-25	-846.04	-2,007.88	-94.27	-221.95
03-Dec-25	-4,033.46	-6,041.34	-448.72	-670.67
04-Dec-25	-4,752.40	-10,793.74	-526.46	-1,197.13
05-Dec-25	1,301.07	-9,492.67	144.27	-1,052.86
08-Dec-25	-16.48	-9,509.15	-1.83	-1,054.69
09-Dec-25	-86.97	-9,596.12	-9.65	-1,064.34
10-Dec-25	-2,127.67	-11,723.79	-236.50	-1,300.84
11-Dec-25	-2,052.80	-13,776.59	-228.39	-1,529.23
12-Dec-25	-1,851.41	-15,628.00	-204.87	-1,734.10

Data Source: NSDL 

• In previous 7 weeks, FPIs saw net outflows of $(1,315) Million; net inflows of $1.13 Million, $261 Million, $730 Million; net outflows of $(1,417) Million; net inflows of $826 Million, and $97 Million. The week to December 12, 2025, saw FPI net equity selling of $(681) Million. 

• In last 4 rolling weeks, total net FPI outflows from equities were ₹ (15,628) Crore or $(1,734) Million. In calendar 2025, FPIs were net sellers in equities in 7 out of 11 months; but net buyers in debt in 9 out of 11 months. 

The coming week has several important triggers. Firstly, FPIs will closely track India trade deficit for signals on FY26 CAD. Secondly, FPIs will follow the minutes of the RBI MPC this week for cues on the trajectory of rates. Above all, they will also look at US CPI & PCE inflation, US jobs, and FOMC speak. At the end of the day, the rupee movement will be the major swing factor for FPI flows.