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Indian bonds sell off on oil shock ahead of RBI policy minutes
MUMBAI: Indian government bonds slumped on Wednesday as a persistent spike in oil prices fuelled inflation concerns and added to worries of further rate hikes, ahead of the minutes of the central bank’s latest policy meeting. The benchmark 6.94% 2036 bond yield was at 7.4352% as of 10 a.m. IST, after ending at 7.3920% on Monday. Indian debt markets were shut on Tuesday for a local holiday. The yield had risen to 7.4397% earlier in the session, its highest level since March 9, 2023. “Oil is driving the market right now, and it is difficult to see any large conviction-led buying till the picture...
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