FPIs have been selling Indian equities due to a combination of weak earnings growth, rupee depreciation and more attractive opportunities in other markets, market experts said. However, the pace of selling has been moderated.Geojit Investments chief investment strategist V K Vijayakumar said subdued earnings growth in India, compared with significantly stronger corporate performance in markets such as the US, Japan, South Korea and Taiwan, has prompted FPIs to shift capital overseas.In the week ahead, macroeconomic data announcements, trading activity of foreign investors and the rupee-dollar trend would act as key drivers for equities, analysts said.“Participants will closely monitor global developments surrounding the US-Iran situation and movement in crude oil prices, which continue to remain critical for inflation expectations, currency stability, and foreign flows,” Ajit Mishra, SVP, research, Religare Broking, said.Last week, the BSE benchmark sensex dropped 640 points, or 0.8%, and the NSE Nifty declined 172 points, or 0.7%.