Key Takeaways
- • India's benchmark government bonds posted their worst day in six months following Reserve Bank of India (RBI) measures, according to the headline coverage of the move.
- • Benchmark 10-year yields recorded their worst weekly decline since April, and the RBI rejected bids for a benchmark bond as yields climbed.
- • ICICI Securities Primary Dealership expects yields to move higher as the RBI delays market support.
- • The rupee gained about 1% to 95.7575 per dollar, its biggest gain since April, while one-month dollar-rupee non-deliverable forwards fell.
Summary
India's benchmark bond market suffered its sharpest one-day selloff in six months after measures announced by the Reserve Bank of India, according to headline coverage of the move. Indian 10-year bonds slumped to post their worst weekly fall in the period reported, with benchmark yields rising as the central bank rejected bids for a benchmark bond. Market participants cited the RBI's delay in providing support to the market. ICICI Securities Primary Dealership said yields would move higher while that support was deferred.
In currency markets, the rupee rose about 1% to 95.7575 per dollar, its largest gain since April, after the RBI measures were announced. One-month dollar-rupee non-deliverable forwards declined over the same period, according to market reporting.
Separate headline coverage described Indian equity benchmarks logging their worst month since March, with oil prices and global rate hikes cited as drivers of foreign outflows. Full texts of the primary articles could not be retrieved, so the details above rely on headlines and short snippets, and specific figures should be verified against the original reporting before use in investment decisions.
In currency markets, the rupee rose about 1% to 95.7575 per dollar, its largest gain since April, after the RBI measures were announced. One-month dollar-rupee non-deliverable forwards declined over the same period, according to market reporting.
Separate headline coverage described Indian equity benchmarks logging their worst month since March, with oil prices and global rate hikes cited as drivers of foreign outflows. Full texts of the primary articles could not be retrieved, so the details above rely on headlines and short snippets, and specific figures should be verified against the original reporting before use in investment decisions.
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