10-year bond yield rises to 6.5% as RBI halts purchases

Business Nov 13, 2025

India's 10-year government bond yield ticked up to 6.5% after the "others" category, which includes the RBI and some long-term investors, slashed their bond purchases on Wednesday.
They bought just ₹13.8 billion, way down from their usual ₹50 billion-plus daily buys.
Traders say that if this trend sticks around, recent gains in bond prices could quickly fade.

Inflation numbers and their impact

Retail inflation dropped to just 0.25% in October, mostly thanks to cheaper food and GST cuts, but core inflation stayed at 4.4%.
That means an interest rate cut isn't likely anytime soon—experts say it'll only happen if things get worse globally.
Meanwhile, markets are adjusting: the five-year swap rate nudged up to 5.72%, reflecting all these shifts.