FIIs cut India debt on rupee, tax fears

 A weakening rupee and higher hedging costs are prompting foreign institutional investors (FIIs) to pare their positions in the Indian debt market. That apart, some investors are apprehensive of how the General Anti-Avoidance Rules (GAAR) would impact their exposures. GAAR, which is part of the proposed direct taxes code (DTC), is expected to come into effect in 2012-13.

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