The weakening rupee and mutual fund returns
In the last few months, mutual fund investors have been witnessing the consistency in the losses from their mutual fund investment. You must have heard many times, of late, that the Indian markets are falling due to weak global cues or due to macroeconomic aspects. But many investors have difficulty understanding what is the exact relation between Indian rupee's value and the dollar movement and also how these aspects affect the Indian markets as a whole and mutual fund returns, in particular. So let us explore how the rupee depreciation can impact mutual fund returns.
The movement of USD/INR always impacts Indian markets. If we observe the trend for the last 10 years, we can see that whenever Indian rupee appreciates against the US dollar the market moves upward and at the same time when Indian rupee depreciates the market falls. Here is the price movement for the rupee for the current year from January 2018 onwards.
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)
In the current situation, the weakening rupee has hit the benchmark indices thereby mutual fund returns. This is the case with the equity funds. But in the case of the funds which are investing in the international securities, rupee depreciation can be good. Further, export-oriented sectors are also expected to benefit from the rupee depreciation. Pharma and IT sectors are expected to be the primary beneficiary of this depreciation. So the funds which are focussed on these sectors are expected to benefit from this situation.
Besides this, the rupee depreciation environment keeps bond yields at a higher levels which further forces the increase in the interest rate which can hurt the returns from the long duration debt funds and at the same time the situation will be beneficial for short term debt funds. So in all these ways, the rupee depreciation affects the mutual fund returns over a period of time.