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Aggressive RBI measures hand India bonds a ninth weekly loss
MUMBAI: Indian government bonds nursed losses for a ninth straight week, battered by the Reserve Bank of India’s rupee defence, which has sharpened its tightening bias, clouded the policy outlook and sapped demand for debt. The benchmark 6.94% 2036 bond yield rose around8 basis points this week to 7.3789%, extending its nine-week climb to over 62 bps. The RBI doubled down on rupee support this week, while also draining excess liquidity through open-market sales, bruising bond market sentiment. Higher inflation and the RBI’s push to arrest the rupee’s slide have raised bets of a larger December...
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