India bond yields hit two-month high as rate hike fears intensify
India’s 10-year benchmark bond yield climbed to a two-month high of 6.88% before closing at 6.85%, posting its biggest weekly rise this fiscal. Hawkish MPC minutes, potential rate hikes and escalating West Asia tensions drove cautious sentiment among bond traders.
Indian government bonds encountered significant challenges this week, marking the worst week of the financial year. The Reserve Bank of India's hawkish policy minutes triggered a selloff, compounded by the early closure of a diaspora-deposit hedging facility. Additionally, soaring crude oil prices heightened inflation concerns and rate hike fears in India, culminating in a notable increase in bond yields.
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