Foreign Portfolio Investors (FPIs) have started putting money back into Indian equities in February after months of heavy outflows. Data shows that despite pulling out Rs 35,962 crore in January, Rs 22,611 crore in December, and Rs 3,765 crore in November, FPIs invested Rs 8,129 crore until February 6. In 2025, FPIs net withdrew Rs 1.66 lakh crore (USD 18.9 billion), one of the biggest sell-offs in Indian markets. Experts say the selling was due to currency ups and downs, global trade worries, US tariff fears, and high stock valuations. Himanshu Srivastava of Morningstar said, "The sentiment was supported by easing global uncertainties, stability in domestic interest rate expectations, and optimism around India-US trade and policy developments." Vaqarjaved Khan from Angel One added that breakthrough in India-US trade talks and Union Budget support helped reduce geopolitical worries and boost the market rally. VK Vijayakumar of Geojit said, "The rupee's rise from a record low of 90.30 to near 90.70 helped improve sentiment." He expects the rupee to appreciate below 90 by March 2026, which may attract more FPI inflows. Market watchers remain cautiously hopeful. Khan noted, "Further inflows could materialise if corporate earnings remain strong and global trade tensions stay low, but rupee weakness, high valuations, and US policy changes could limit gains." The shift to inflows marks a notable change from the risk-off mood of January amid high US bond yields.