Indian bonds due 2022 rose for a second day as the rupee’s rebound from a record low tempered concern inflation will quicken.
The currency has risen 1.8 percent from an all-time low of 61.2125 touched on July 8 after regulators took steps to curb speculative trade. Global funds were net buyers of rupee debt for the first time in 14 days on July 8, exchange data showed. They have cut holdings of local bonds by $7.9 billion since May 22, when the Federal Reserve first signaled it may pare stimulus that has driven flows to emerging-market assets.
“A steady currency would definitely provide comfort to bond markets, but it’s too early to say the rupee has stabilized,” said Lakshmi Iyer, head of fixed income at Kotak Mahindra Asset Management Co. in Mumbai. “Data showing foreign funds were net buyers of debt is also positive.”
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India’s 2022 Bonds Rise For Second Day
Published 07/10/2013, 05:14 AM
Updated 07/09/2023, 06:31 AM
India’s 2022 Bonds Rise For Second Day
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