Details of investment upto March 1999 by Foreign Institutional Investors registered with the SEBI and granted approval under FERA by the Reserve Bank of India are presented in Table below. In March 1999, the net investment of FIIs was at US $ 59.5 million reflecting a net capital inflow which is lower than the positive inflows of US $ 76.3 in February 1999. During the financial year 1998-99, there has been a net outflow of the order of US $ 367.5 million. The cumulative net investment as a result declined from US $ 9259.5 million in April 1998 to US $ 8892.5 million in March 1999. The analysis of month to month movement of FIIs investment reveals that between April 1998 and November 1998, net investment flows kept on declining and there was total outflow of FIIs investment of the order of US $ 658.9 million. The size of outflow however, decreased during the months of December 1998 to March 1999.