In the first two trading sessions of April 2023, Foreign Portfolio Investors (FPIs) withdrew ₹19,837 crore (approximately $2.1 billion) from Indian equities, reflecting ongoing concerns over geopolitical tensions in West Asia, rising crude oil prices, and the depreciation of the Indian rupee. This significant outflow follows a record withdrawal of ₹1.17 lakh crore (about $12.7 billion) in March 2023, marking the worst monthly outflow for Indian equities. Prior to this, FPIs had invested ₹22,615 crore in February, the highest monthly inflow in 17 months. The total outflow for FPIs in 2023 has now reached ₹1.5 lakh crore (approximately $18 billion), according to data from the National Securities Depository Limited (NSDL). Analysts attribute the sustained selling pressure to global economic challenges and heightened geopolitical uncertainties. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, noted that the ongoing conflict and rising crude oil prices have contributed to the rupee's depreciation by about 4% since the conflict began. Additionally, elevated U.S. bond yields have made fixed-income assets more attractive, prompting global investors to shift away from equities. Vijayakumar suggests that while current market valuations may appear fair and attractive in some segments, FPI inflows are likely contingent on a de-escalation of geopolitical tensions and a decline in crude oil prices.