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Rupee Bonds Gain on Lower 1H Borrowing Plan, Bond Valuations Attractive for Investors

INDIA
  • INR bonds gained after the finance ministry stated they are to sell INR 7.5trln ($90bln) in H1 of the fiscal year starting April, lower than the INR 8.5trln expectation, supporting bonds across the curve. 10-year yields dropped 3bps to 7.04%, close to YTD lows just above 7.00%.
  • Meanwhile, USD/INR was little changed, ending the session at 84.00 despite a broad uptick in the USD index close to the end of Asian hours following hawkish comments from Fed’s Waller.
  • USD/INR briefly traded above 83.45 towards the end of Wednesday's session and had been set to close at a fresh record high before the RBI sold dollars, supporting the rupee at the close, with USD/INR price action suggesting that the RBI are comfortable intervening at higher levels.
  • State bond sales will come at a time when foreign funds have hand-picked Indian debt ahead of its inclusion into JP Morgan’s global indexes in June. According to Standard Chartered, India’s bond market will likely see an additional inflow of as much as $30bln after inclusion.
  • Similarly, Vontobel said that “from a valuation perspective the country is unbeatable […] The Indian currency is extremely stable and the rates on offer are over expected inflation rate, making it the most attractive market for us.”
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