India's third biggest asset management firm, ICICI Prudential Asset Management Company, announced today that it is picking exporter stocks. This comes after concerns were raised over the United States' plan to phase out stimulus, prompting the Indian currency to plummet. Foreign funds also exited equities as a result of the stimulus phase out.

Investors from all over the world have exited from local shares, equivalent to an amount close to US$1.5 billion only this month.  The investors also cut rupee debt holdings worth $5.1 billion as treasury yields from the United States continue to rise. This trend results to an underwhelming appeal of emerging markets.

S. Naren, a chief investment officer in one if India's local firms, said "If you were to tell me that foreign investors have sold this month then we'd consider it a good month to invest. Foreign flows are not an indicator of long-term performance. We use flows in the reverse way."

Today, the rupee sank to lower levels against the dollar, resulting into a world record 7 percent slip.