( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH

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AN EMPIRICAL INVESTIGATION ON IMPACT OF FOREIGN INSTITUTIONAL INVESTMENT ON EXCHANGE RATE IN INDIAN STOCK MARKET:

    2 Author(s):  ASIYA ALI MUKHDOOMI,PROFESSOR (DR) KHURSHID AHMAD BUTT

Vol -  13, Issue- 11 ,         Page(s) : 197 - 209  (2022 ) DOI : https://doi.org/10.32804/IRJMSH

Abstract

This paper is aimed at analyzing the relationship between exchange rate and Foreign Institutional Investment in India. The data comprises with Monthly data of exchange rate and net foreign institutional investment for the span of 20 years i.e. April 2000 to march 2021. While using Unit Root it was found that FII’s is stationary at level I(0), whereas exchange rate in terms of Us-Dollar is non-stationary at level and to make it stationary it is differenced at order one I(1). Further analysis of causal relationship through Granger Causality depicts that there exists bidirectional relationship between exchange rate and Foreign Institutional Investment in India.

Stanley Morgan (2002) :"FII's influence on Stock Market", Journal: Journal of impact of Institutional Investors on ism. Vol 17. Publisher: Emerald Group Publishing Limited
Mukherjee, Bose and Coondoo, 2002, “Foreign Institutional Investment in the Indian Equity Market: An Analysis of Daily Flows during January 1999-May 2002”, Money & Finance, Vol. 2, No. 9-10, April-September 20

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